Toward Stronger India-Latin America Economic Relations?
Despite much talk of enhanced Indian engagement with the region over the past decade, India-Latin America ties remain relatively limited.
Myers: “What does have more of an effect is the BRICS bank, the New Development Bank, which is part of the overall BRICS configuration”
BBC Newshour
Margaret Myers, director of the Asia & Latin America Program, joined BBC Newshour to discuss the newest members to the BRICS intergovernmental organization.
Comments from Myers:
"As we saw during the last BRICS summit in Johannesburg a few months back, observers were generally critical not only of the outcomes of the meeting, but of the prospects for this expansion having much effect globally or in terms of the interests of the global south. There wasn't a lot of convergence either among the existing members and there doesn't appear to be much convergence about a way forward for the BRICS among those that are joining."
"Symbolically...it has a considerable presence. It's viewed as being a voice of the global south even if there isn't...a coherent agenda aside from challenging the global order, uplifting the voice of the global south, and challenging US dollar dominance. What does have more of an effect is the BRICS bank, the New Development Bank, which is part of the overall BRICS configuration. There is an effort to expand lending and to lend in member currencies which has been something members have been discussing for a number of years."
"I think that [a BRICS currency] is profoundly not feasible at this particular juncture. There's been very little consideration…beyond Lula’s statements. There was a real sense that dollar dominance is a problem during the Johannesburg summit but very little said about doing much to counter that aside from…lending in member country currencies through the BRICS. And as we know, the US dollar remains preeminent global currency of choice across the many functions of money."
LISTEN TO THE PODCAST HERE
Related Links
- BRICS Summitry: What Takeaways for the United States?
- Pivotal States: A New Era for U.S.-Brazil Relations?
- At a Crossroads: China’s Post-Pandemic Economic Relations with Latin America and the Caribbean
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