Multipolarity is a Historical Necessity: Bolivian President Arce

Bolivian President Luis Arce, Oct. 24, 2024. X/ @LaGemadeCuba1

October 24, 2024 Hour: 9:58 am

Global control based on the U.S. dollar has limited the progress of developing countries, he pointed out.

On Thursday, during his speech at the 16th BRICS Summit in the Russian city of Kazan, Bolivian President Luis Arce emphasized the need for a new multipolar world order in which developing countries have a greater role in global decision-making.

He also highlighted that BRICS represents a unique opportunity to break away from the economic and political hegemony of the United States, a country that continues its drive to control the world through the dollar, its national currency.

The Bolivian president stressed that BRICS represents “a new dawn” signaling the end of the Bretton Woods system, which has dominated economic relations since 1945, primarily benefiting Western powers.

“BRICS is tangible proof of the possibility of creating a more balanced and just new world order,” stated Arce, who also emphasized that the consolidation of this multilateral bloc opens up space for countries in Asia, Africa, and Latin America to move toward joint and equitable development.

“The hegemony of the dollar must end,” Arce asserted, noting that global control based on the U.S. dollar has limited the progress of developing countries and created a “straitjacket” that has only benefited a few economic agents.

He also mentioned that emerging multipolarity is a natural and necessary response to this domination and represents the freedom of nations that have historically been marginalized.

Arce called for the reform of international financial institutions, such as the International Monetary Fund (IMF) and the World Bank (WB), so that they more equitably reflect the demands of developing countries. The Bretton Woods institutions must adjust to the new geopolitical reality and allow broader participation from emerging countries in global decision-making.

The Andean leader highlighted that the BRICS New Development Bank is a key tool for financing projects in developing countries like Bolivia, which are seeking to advance in their industrialization processes.

During his speech, he also mentioned Bolivia’s strategic role on the international stage, emphasizing that his country holds the world’s largest lithium reserves, as well as significant reserves of natural gas, minerals, and rare earths.

“We are in an industrialization process that aims to benefit not only Bolivia but also our partners in BRICS,” Arce stated, adding that he believes this economic cooperation group will enable alliances that promote shared development.

During his speech at the BRICS Summit, Arce reiterated Bolivia’s commitment to the self-determination of peoples and criticized the U.S. blockade against Cuba and the war on Palestine.

“It is imperative that BRICS positions itself as a key player in building a more just world, where decisions are not monopolized by a few,” the Bolivian president asserted, emphasizing the importance of translating the BRICS summit’s decisions into concrete actions.