President Luis Arce: BRICS economies have broken US hegemony

Published at: 07/06/2024 11:00 PM

The president of Bolivia, Luis Arce, stated this Friday, June 7, at the XXVII International Economic Forum in St. Petersburg, in Russia, that the economies of the countries that make up the BRICS group, “have broken the hegemony of the United States.”

Through his account on the social network X, Arce highlighted that “the economies united in this successful block have broken the hegemony of the United States and stand as a hope for development, cooperation and complementarity between countries.”

He stressed that today's world is a reflection of the crisis of a multidimensional capitalist system, which “has manifested itself in at least seven crises: international financial, climate, energy, food, water, macroeconomic policies and the institutional crisis of several international organizations”.

Arce explained that in order to face this international context and have a development model different from that proposed by orthodoxy, “we developed our own Productive Community Social Economic Model, which bases the growth and development of our country on the use of natural resources for the benefit of the Bolivian people.”

“This process not only generates a more equitable redistribution of income in society by reducing inequalities, but it also proceeds to invest them in other sectors of the economy, empowering them, diversifying the economy,” he said.

He also mentioned “generating employment, income and sustainable growth based on a broad-based economy, which in our case are directed towards industrialization with import substitution, the promotion of tourism, increased agricultural production and productivity, always in harmony and respect for Mother Earth”.

The Bolivian president urged those present to build strategic alliances “as a guarantee to get closer to the objectives of this Forum, which are also national objectives for Bolivia.”

“Let us unite our efforts to promote a multipolar world, as a way to guarantee peace, stability, development and happiness of our peoples in balance and harmony with our Mother Earth. Let's build Living Well on our planet,” he emphasized.

Mazo News Team