NICARAGUA says it’s Joining BRICS+, Believes BRICS+ POTENTIAL | BAHRAIN now part of BRICS+ multipolar world
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Nicaragua is cognizant of the growth potential offered by the BRICS organization and has since forged closer links with its member nations as a necessary first step toward entering the group of BRICS+ nations. Ivan Acosta, the minister of finance and public credit for Nicaragua, made this statement to the TASS news agency while attending the 7th Eastern Economic Conference.
“We think that BRICS is a good option for a global alliance that offers lots of chances for development in emerging nations, especially those with differing viewpoints on the world. We’ll keep working to improve connections with the BRICS countries “said Acosta.
In order to diversify supply lines away from the United States, President Ortega
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He stated, “We believe that BRICS is a feasible option for a global alliance that presents multiple prospects for growth in developing nations, particularly those with a different perspective on the global situation,” while speaking at the Vladivostok Eastern Economic Conference. We’ll keep working to improve ties with the BRICS countries.
The CAFTA-DR free trade agreement includes Nicaragua, Costa Rica, El Salvador, Guatemala, Honduras, and the Dominican Republic as members. It also belongs to the ALBA (Bolivarian Alliance for the Peoples of Our America) group, along with Dominica, Antigua and Barbuda, Saint Vincent and the Grenadines, Granada, Cuba, Venezuela, and Saint Kitts and Nevis.
Nevertheless, 60% of Nicaragua’s exports still travel to the US; the majority of them being clothes, rolled tobacco, and agricultural products such raw sugar and coffee. Daniel Ortega, the president of Nicaragua, wants to diversify the country’s exports so they can reach a wider market and benefit from better trade agreements. The second-largest importer into Nicaragua is China.
Just US$689 million worth of exports from China to Nicaragua were recorded in the country’s trade with China in 2019. Light Rubberized Knitted Fabric ($135M), Broadcasting Equipment ($18.9M), and Pesticides ($18.7M) are the three largest exports from China to Nicaragua. Yet, over the last five years, exports from China to Nicaragua have grown at an annualized rate of 21.6%.
Nicaragua sold US$39.3 million to China in 2019. The top three exports from Nicaragua to China were ground nut oil ($6.81 million), electrical control boards ($7.75 million), and raw sugar ($12.7 million). Nonetheless, Nicaraguan exports to China have grown at an annualized pace of 37.5% in recent years.
Russia, which is actively obtaining goods from Latin America that it previously purchased from the EU with new fruit suppliers for the winter season as a priority, would be a warmly welcomed BRICS partner as it is also actively seeking out new markets and suppliers.
By fostering a good relationship with the BRICS+ nations, Nicaragua has collaborated closely on important initiatives for its own growth and to steer clear of joining the group.
“We know that the Nicaraguan administration is taking action, and we know that all of the existing plans have been realized. We also confirm that a number of Russian economic structures and businesses are willing to take part in the execution of projects related to the development of infrastructure, but as of yet, we have not observed any sort of principle quality move, according to Alexander Shchetinin.
Russia, he said, would keep track of the situation and be “ready to join whenever we realize that there is something,” he added.
Bahrain has supported China’s Belt and Road Initiative, which promotes economic development and connectivity across Asia, Europe, and Africa. Bahrain is one of the Gulf countries along the Maritime Silk Road, a key component of the initiative. Bahrain’s geographic location makes it a potential hub for Chinese trade and investment in the region, and its close ties with Saudi Arabia and the UAE could also help to facilitate this.
In today’s era of reglobalisation, Bahrain has developed a new interest in the Brics. With its strong bargaining power, it has forged its alliance with the Brics, considering its already existing ties with china.
In this new phase of globalization, regional integration and the nation-state’s role in global economic affairs will be less pronounced. Consequently, it will not be a world of renewed nationalism but one in which nation-states are individualistic and selfish, acting according to an “every-nation-for-itself” mode. Countries that had previously integrated into a trade bloc or regional economic and political community and flirted with fiscal irresponsibility and unsustainable labor and social security benefits without productivity gains to support their economies will miss out on the opportunities provided by reglobalisation.
Bahrain, a small island nation in the Persian Gulf, is considered to be part of the Middle East and North Africa (Mena) region. The Mena region is characterized by a diverse set of countries united by their shared geography, history, culture, and economic interests. Bahrain, like other countries in the Mena region, has actively participated in regional and international forums and has shown an interest in developing economic ties with emerging markets like the Brics nations.
It has been actively seeking to diversify its economy beyond oil and gas, which account for more than 70% of its revenue. To achieve this goal, the government has been working on various initiatives to attract foreign investment and create a business-friendly environment. The country’s geographic location, liberal economic policies, and well-educated workforce have made it an attractive destination for investors.
The Brics countries, consisting of Brazil, Russia, India, China, and South Africa, are viewed as engines of global growth. Bahrain has been looking to strengthen its economic ties with these countries to gain market access and benefit from their growth. The government has been working to promote trade and investment relations with the Brics countries and establish cooperation in various sectors, including infrastructure, finance, and technology.
Bahrain has been focusing on developing its financial services sector to diversify its economy. The country has been working to establish itself as a regional financial hub and attract foreign investment in this sector. The government has been promoting the country’s business-friendly environment, regulatory framework, and low tax rates to attract companies to establish their regional headquarters in Bahrain.
Additionally, Bahrain has been focusing on developing its infrastructure to support its economic diversification efforts. The government has been investing in various projects, including the expansion of the Bahrain International Airport, the construction of a new causeway connecting Bahrain and Saudi Arabia, and the development of a new railway system.
Bahrain’s efforts to diversify its economy and establish itself as a regional hub for finance and technology make it well-positioned to benefit. The country’s geographic location and business-friendly environment make it an attractive destination for foreign investment. Its efforts to develop its infrastructure and financial services sector provide a solid foundation for its economic diversification efforts.
One country that is taking steps towards adapting to the Fourth Industrial Revolution and embracing reglobalization is Bahrain. This small island nation, located in the Persian Gulf, has made significant strides in recent years toward modernizing its economy and becoming a hub for business and investment in the region.
