Colombia seeks to diversify away from US, knocks at BRICS bank

COLOMBIA: Colombia’s government has officially requested entry into the New Development Bank of the trade bloc BRICS. Acting Minister of Trade, Industry, and Tourism, Cielo Rusinque, announced this at a forum in Bogotá attended by ambassadors from BRICS countries.

The BRICS bank was established in 2014 as an alternative to traditional investment banks, primarily those from the United States.

What is the significance?

In an exclusive conversation with StratNewsGlobal, Mariana Pacheco, former Colombian ambassador to India, says, “This move is part of Colombia’s strategy to diversify its trading partners beyond the United States, especially given the uncertainty caused by President Trump’s tariff policies.

“Recently, the International Monetary Fund (IMF) stated that Colombia’s continued eligibility for the IMF’s Flexible Credit Line depends on completing ongoing consultations and a mid-term review.”

In her view, this is due to concerns about increased deficits and public debt under President Petro’s macroeconomic policies, reflecting worries about rising international uncertainties.