Photo of Andres Manuel Lopez Obrador. Credit: Flickr.
The Mexican government has refuted recent rumors about a possible request to join the BRICS trade bloc led by China, as stated by the Ministry of Foreign Affairs (SRE). Despite the information published by the official BRICS X account, the SRE has described the claims as false, although emphasized that it continues to follow the development of this space with interest.
The rumor emerged amid the announcement of new Chinese investments in Mexico in response to the high tariffs imposed by the United States against China. The last bilateral meeting between Mexican President Andrés Manuel López Obrador (AMLO) and his Chinese counterpart Xi Jinping took place in November 2023, where they highlighted coordination in the health sector during the pandemic and discussed the risks of illicit trafficking of Asian chemical precursors used in fentanyl.
The People’s Republic of China is Mexico’s second largest global trading partner and the first in the Asia-Pacific region. Between January 1999 and December 2022, Mexico received over two billion dollars in foreign direct investment from China. Despite the rumors, the SRE has denied the information, stating that they have not sought entry into the BRICS group.
Mexico became the United States’ top trading partner in 2023, with bilateral trade totaling $2.6 billion in the first four months of last year. The trade relationship between Mexico and China has changed significantly due to the U.S. tariffs on Chinese products, which led China to send its goods to Mexico for subsequent export to the United States, thereby avoiding high tariffs.
With the possibility of joining the BRICS bloc, the Mexican government is carefully evaluating its foreign policy and considering a strategic partnership with an alliance that promotes the de-dollarization of global trade and finance. While Mexico has maintained a close relationship with the United States, an association with a bloc such as BRICS could provide an alternative in shaping its foreign policy.