Brazil Becomes the Second BRICS Nation to Opt Out of China’s Belt and Road Initiative (BRI).
International
Brazil has officially decided not to join China’s Belt and Road Initiative (BRI). With this decision, Brazil becomes the second BRICS country, following India, to decline participation in this major infrastructure project.
- Brazilian President Luiz InĂ¡cio Lula da Silva, via his Special Adviser for International Affairs, Celso Amorim, stated that Brazil aims to strengthen its relationship with China while avoiding formal treaty commitments to the BRI.
- Brazil plans to utilize elements of the BRI framework to align its infrastructure projects with Chinese investment funds, without formally joining the initiative.
Main Points:- (i) BRICS originally consisted of Brazil, Russia, India, China, and South Africa. New members, including Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE), have been added.
(ii) The BRI, also known as the One Belt One Road or the New Silk Road, is a global development strategy launched by China in 2013. It seeks to improve connectivity and cooperation across countries in Asia, Europe, and Africa.
(iii) The BRI is one of the largest infrastructure and investment projects in history, with total investment estimates ranging from USD 4 trillion to USD 8 trillion.
About Brazil
President : Luiz InĂ¡cio Lula da Silva
Capital : BrasĂlia
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