Today: November 8, 2024
November 8, 2024
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Minhacienda confirmed the intention for Colombia to join the Brics Bank

Minhacienda confirmed the intention for Colombia to join the Brics Bank

During the 88th Coffee Summit, held in Cartagena, the Minister of Finance, Ricardo Bonilla confirmed that Colombia intends to belong to the Bank of the Brics. In that sense, the head of the portfolio highlighted that this is an organized way to reach Southeast Asia.

(See: Minhacienda does not rule out new cuts to the National Budget in 2024)

This announcement comes at a time when the Colombian coffee industry is looking closely at the Chinese market as a potential importer of Colombian coffee. Well, last year alone the country’s grain exports grew close to 132%.

According to Bonilla, Colombia is already reaching this region of the world, but it is doing so in a disorganized and dispersed manner. For this, The proposal to advance the country’s integration into this Bank would be the way to solidify the initiatives.

(Read more: The Nation’s liquidity is at its best moment of the year but below average)

We are looking to give you a solid policy. We cannot continue living from the idea that our commercial relationship is purely with the West.“said the head of the Treasury portfolio.

Now, in consultation with different international trade experts, this would be the Government’s way of diversifying the sources of financing for the country. In detail, Javier Díaz, president of the National Association of Foreign Trade (Analdex), He stressed that this measure does not necessarily mean entering the Brics group.

(See: Green light for issuance of new debt in the Government Petro remains bottled up: why?)

BRICS

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I think we can agree on the diversification of sources. Whether or not to belong to this block is a matter of discussion. Enter I think they are big words and should be discussed”, he indicated.

(Read more: Risks of the 2025 budget are not resolved and continue to threaten investment)

For his part, if analyzed from the perspective of coffee, Gustavo Gómez, executive director of Asoexport, highlighted that currently non-traditional markets for Colombia, such as Asian ones, They are showing growth and the best example of this is China.

Along these lines, being able to enter the Brics Bank, as announced by the Minister, is something that allows us to facilitate the processes so that these exports reach these international markets more easily.”, he noted.

(See more: Public spending should suffer a new cut this year to comply with the fiscal rule)

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