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Cuba Joins BRICS: A Power Shift That Could Reshape Global Alliances

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Cuba has taken a bold step onto the global stage by joining BRICS as a partner country, a move that could shift economic and political dynamics in Latin America and beyond. This status, granted following the 16th BRICS Summit in Kazan, Russia, in October 2024, allows Cuba to engage with the group’s initiatives and benefit from its economic influence without holding full membership. The decision underscores BRICS’ expanding reach as it seeks to counterbalance Western financial institutions and foster stronger ties among developing nations.

Cuba was among 13 nations invited to become BRICS partner countries, signalling the bloc’s continued efforts to reshape global economic structures. While not yet a full member, Cuba’s closer alignment with BRICS could bring significant financial relief by opening avenues for investment and trade. The group’s economic powerhouses—China, India, Brazil, Russia, and South Africa—could provide much-needed capital to revitalise Cuba’s struggling economy, potentially helping the island navigate long-standing US sanctions.

One of the most immediate benefits for Cuba would be increased trade opportunities. With major BRICS economies looking to expand their influence, Cuba stands to gain from enhanced cooperation in key sectors such as energy, technology, and agriculture. China and Russia, already close allies of Havana, are expected to deepen their economic engagement, potentially reducing Cuba’s dependence on traditional trading partners. Additionally, BRICS’ efforts to develop alternative financial systems independent of the US dollar could provide Cuba with new mechanisms to bypass US-imposed restrictions.

For BRICS, Cuba’s inclusion strengthens its foothold in Latin America. With Brazil already a member, bringing Cuba into the fold reinforces the bloc’s presence in the region and challenges the influence of Western institutions such as the International Monetary Fund and World Bank. Cuba’s longstanding role in promoting South-South cooperation aligns with BRICS’ mission to offer developing nations an alternative to Western-led economic structures.

However, Cuba’s partnership with BRICS is not without risks. Increased economic ties with the bloc could escalate tensions with the United States, which has maintained a decades-long embargo against Cuba. Washington may view this development as a strategic challenge, potentially leading to stricter sanctions or diplomatic countermeasures. Such actions could complicate Cuba’s economic recovery, particularly if the anticipated benefits of BRICS integration take time to materialise.

Domestically, BRICS engagement could push Cuba towards economic reforms. While Havana is unlikely to abandon its socialist model, the need to attract foreign investment may prompt shifts towards market-friendly policies, similar to those adopted by China and Vietnam. BRICS-backed projects could modernise Cuba’s infrastructure, boost its tourism industry, and unlock the potential of its key mineral exports, including nickel and cobalt. The country also possesses offshore oil reserves, though exploration has so far been limited.

Despite the opportunities, challenges remain. Unlike resource-rich nations such as Saudi Arabia or the UAE, which were among those invited to join BRICS as full members, Cuba’s economic contributions to the bloc may be limited. The island continues to grapple with inflation, supply shortages, and structural inefficiencies, raising questions about how effectively it can integrate into BRICS initiatives.

Ultimately, Cuba’s engagement with BRICS represents a strategic gamble—one that could provide economic relief and bolster the bloc’s influence in Latin America but also provoke resistance from the US and its allies. Success will depend on Cuba’s ability to leverage its new partnerships while navigating the geopolitical complexities that come with them.

Business

​Caribbean Shipping Secures Exemption from U.S. Port Fees on Chinese-Built Vessels​

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The Office of the United States Trade Representative (USTR) has exempted Caribbean shipping routes from newly proposed port fees on Chinese-built vessels. This decision follows concerted advocacy by the Caribbean Private Sector Organisation (CPSO) and regional stakeholders, who warned that the fees could have devastating economic consequences for the Caribbean.

The USTR’s initial proposal aimed to impose fees of up to $1.5 million per port call on vessels constructed in China, as part of a broader strategy to counter China’s dominance in global shipbuilding and bolster the U.S. maritime industry. However, the policy faced immediate backlash from Caribbean nations, where a significant portion of shipping relies on Chinese-built vessels.

Dr. Patrick Antoine, CEO and Technical Director of the CPSO, testified at a USTR public hearing, emphasizing that over 90% of CARICOM’s trade in goods depends on maritime transport. He warned that the proposed fees could lead to a 60% increase in shipping costs to and from the Caribbean, severely impacting economies where more than 50% of the ships are Chinese-built.

The potential repercussions were particularly alarming for smaller Caribbean states like Antigua and Barbuda, Dominica, Grenada, St. Lucia, and St. Vincent and the Grenadines, which rely heavily on short-sea shipping routes serviced by Chinese-built vessels. Prime Minister Gaston Browne of Antigua and Barbuda expressed concern that shipping a container could increase by $3,000 to $4,000, leading to an 8–10% rise in consumer prices and pushing inflation rates to potentially 12–14%.

In response to these concerns, the USTR revised its policy to exempt ships operating between U.S. domestic routes, the Caribbean, U.S. territories, and Great Lakes ports from the new fees. This adjustment aims to prevent inflation, supply chain disruptions, and surging trade costs in the region.

The exemption has been met with relief across the Caribbean. Dr. Antoine expressed gratitude to the USTR for recognizing the unique challenges faced by Caribbean economies and for taking steps to safeguard regional trade stability.

While the exemption provides immediate relief, regional leaders and industry stakeholders continue to monitor the situation closely. They advocate for long-term strategies to enhance the resilience of Caribbean supply chains and reduce dependency on external factors that could disrupt trade.

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Business

BVI Braces for Ripple Effects as U.S. Stock Market Sheds $5 Trillion

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In just three weeks, the U.S. stock market has lost a staggering $5 trillion in value, a downturn that could have significant implications for the British Virgin Islands (BVI), where the U.S. dollar is the official currency. As economic uncertainty grips the global financial system, concerns are mounting over how this sharp decline might impact the BVI’s economy, particularly in the areas of tourism, offshore financial services, and overall consumer confidence.

With the U.S. being the primary source of visitors to the BVI, any financial squeeze on American households could lead to a reduction in travel plans. A weaker U.S. stock market often means tighter budgets for vacationers, which could result in lower visitor numbers, reduced hotel bookings, and fewer yacht charters—critical sectors for the territory’s economy.

As one of the Caribbean’s leading offshore financial hubs, the BVI is deeply connected to global markets. A drop in stock values can shake investor confidence, potentially leading to slower financial transactions, reduced incorporations, and a cautious approach from high-net-worth individuals who use BVI-based structures for wealth management.

With the BVI using the U.S. dollar, economic shocks in the U.S. can quickly affect the cost of goods and services in the territory. A weaker U.S. market could lead to fluctuations in inflation, making imports more expensive. For a territory that relies heavily on imported goods—from food supplies to construction materials—this could put additional pressure on businesses and consumers.

The BVI government will likely keep a close watch on these developments, as a prolonged U.S. market downturn could impact tax revenues, business activity, and overall economic confidence. Policymakers may need to explore ways to strengthen economic resilience, whether through increased regional trade, diversification efforts, or measures to support local businesses in uncertain times.

While the full impact of this financial slide remains to be seen, one thing is certain: the BVI, like many other U.S. dollar-dependent economies, is paying close attention to Wall Street’s turbulence and preparing for potential economic headwinds.

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International

White Bay Beach on Jost Van Dyke Featured on MSN.com

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White Bay Beach, located on the small island of Jost Van Dyke in the British Virgin Islands, was recently featured in a travel article on MSN.com, highlighting its reputation as one of the Caribbean’s top destinations.

The article describes the beach’s white sands, clear turquoise waters, and the lively beach bars along its shore. Accessible mainly by boat, White Bay is a popular stop for yachters and day-trippers. Many visitors anchor offshore and swim to the beach to enjoy its attractions.

Among the well-known spots mentioned is the Soggy Dollar Bar, famous for creating the Painkiller cocktail, a mix of dark rum, coconut cream, and tropical juices topped with nutmeg. Other featured locations include Hendo’s Hideout, known for its Caribbean cuisine, and Coco Loco, praised for its fish tacos.

White Bay also offers activities such as snorkeling, paddleboarding, and kayaking. The coral reef just offshore is home to diverse marine life, making it a draw for water enthusiasts. Visitors looking for relaxation can also experience the Ocean Spa, which provides massages in a floating hut on the bay.

Accommodations near White Bay range from private villas to larger estates, many with ocean views. The Hideout, featuring seven villas with private plunge pools, and White Bay Villas, offering various lodging options with access to the White Bay Beach Club, were also highlighted.

The MSN.com feature showcases White Bay Beach’s combination of natural beauty and vibrant culture, reinforcing its status as a must-visit destination in the Virgin Islands.

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