HomeEconomyJosé Rivas: Venezuela wants to join the BRICS as quickly as possible

José Rivas: Venezuela wants to join the BRICS as quickly as possible

The sectoral vice president of Economy, who participates in the Saint Petersburg Economic Forum, assured that Venezuela is in favor of a multipolar world

The sectoral vice president of Economy and Minister of Industries and National Production, José Félix Rivas Alvarado, stated that Venezuela hopes to join the BRICS group as soon as possible.

Rivas Alvarado, who participates in a new edition of the Saint Petersburg International Economic Forum, which is celebrated from June 5 to 8, in Russia, assured that the country "is on the side of the construction of a multipolar world, and of the new economic and financial architecture, and there the BRICS are important."

In an interview for Sputnik, the sectoral vice president of Economy highlighted the importance of the BRICS group to the recovery of Venezuela. “It is a platform that we need to strengthen and seal with very powerful material our ties with Russia, for example, and with all the members of the bloc.”

When referring to economic and commercial relations between Russia and Venezuela, Rivas Alvarado stressed that they have made great progress in “the construction of alternative mechanisms, both for financing and means of payment.”

He said that the application of coercive measures has led to the search for other forms of payment, “moving to the use of national currencies, consolidating an alternative financial architecture to the dominant one. It is no longer a matter of academics, of speeches, but we are doing it with facts and with strong ties, we have made a lot of progress in that and we will continue to advance.”

Economic recovery

According to Rivas Alvarado, one of the keys to Venezuela's economic recovery is collaboration with Russia, something that made it possible to confront Western attacks against sectors such as “the oil industry, the energy industry,” its main targets. He also pointed out that progress is being made in reducing dependence on oil exports.

“The learning we had with the blockade has been to try not to depend on a single primary export item that is very important, which is oil, which has a high internal rate of return. However, this dependence made us vulnerable. So, our economic strategy in this phase is productive diversification, it is import substitution. We are advancing in two directions: exporting, because we need foreign currency; but also strengthening national production,” he assured.

In the case of agriculture, he stated that "at this time, agricultural products from the countryside, from livestock, and with added value are exported, and we maintain a very important perspective with our strategic partners," he stated.

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