In a significant move signaling a potential shift away from US ties, Colombia has applied to join the China-led BRICS New Development Bank.
This development comes as part of Colombia’s broader strategy to diversify its international partnerships and explore new funding avenues.
From other side Columbia also set to join China’s Belt and Road Initiative, with infrastructure projects focusing on trade and transportation already being defined.
Application Submission*:
Colombia has formally submitted its application to join the BRICS New Development Bank, with President Petro expressing commitment to purchasing $512 million worth of shares in the bank.
BRICS Membership*:
Colombia intends to join the BRICS group as soon as possible, with President Petro stating his will to issue a formal application soon. Brazil, a founding member of BRICS, has committed to supporting Colombia’s candidacy
### Implications
– *Shift in Global Alliances*:
Colombia’s move towards BRICS membership and its participation in the China-led bank may signal a shift away from its traditional alliance with the US.
– *Economic Benefits*:
Membership in the BRICS New Development Bank could provide Colombia with access to new funding opportunities for infrastructure projects, such as the proposed 120-kilometer canal or railway connecting the Atlantic and Pacific Ocean coastlines.
– *Diplomatic Tensions*:
The US State Department has expressed opposition to financing projects linked to China’s Belt and Road Initiative in Latin America, potentially straining US-Colombia relations.
### Growing Ties with China and Russia
– *China-Colombia Relations*:
China is Colombia’s second-largest trading partner after the US, with major Chinese companies expanding in Colombia. A possible free-trade agreement between the two countries is also being explored.
– *Russia-Colombia Relations*:
Colombia and Russia are set to celebrate 90 years of diplomatic relations in 2025, with both countries working to revive a bilateral commission to foster cooperation in trade, economics, and science.
### Background
The BRICS New Development Bank, established in 2015 by Brazil, Russia, India, China, and South Africa, aims to support infrastructure and sustainable development projects in member countries. Colombia’s application to join the bank is seen as a key aspect of its outreach efforts under President Gustavo Petro’s administration.
