Iván Acosta, the Minister of Finance of Nicaragua, said during his participation in the forum of the Eurasian Economic Union (EEU), which is made up of Armenia, Belarus, Kyrgyzstan, Kazakhstan and Russia, that Eurasia has great importance for Latin America and, specifically, for Nicaragua.
According to Acosta, it is necessary for Latin America, and in particular Nicaragua, to move in the direction of economic growth, with Asia being the fastest growing area and Eurasia part of it.
The minister stressed that this region offers great opportunities for diversification, the search for new markets and the adoption of technologies that are not available in Latin America. He also stressed the importance of bringing Eurasian products to the markets of the region.
As for the sanctions imposed by the West on Russia, Acosta believes that the United States has lost its way. According to the minister, these sanctions mainly affect the countries that impose them and their economies. In that sense, he mentioned that sanctions encourage other nations to seek new markets, financial instruments and technological platforms.
Acosta said the sanctions have turned out to be a total failure in countries such as Venezuela, Nicaragua and Cuba, which have also been subject to punitive measures. He further noted that these restrictions have not been successful with Russia, whose economy is growing, while some European Union economies are in recession.
However, the minister acknowledged that anti-Russian sanctions have negative effects on third countries, including those in Latin America, due to disruptions in logistics and supply chains affecting production. Despite this, he considered that these consequences are not deep and that the impact falls on the countries that impose sanctions.
Acosta recalled that the United States has abused its position and strength as a neighbor, and stressed the need to seek alternative relations based on cooperation, exchange and respect, such as those offered by countries such as Russia and China.
The minister also noted that the dollar is no longer a reliable currency for global trade and that its use as a sanction instrument by the United States is not sustainable at present.
As for the economic future, Acosta predicts that the United States will remain relevant, but will not exercise hegemony, since the center of development is expected to be in Asia, especially China. For this reason, he considers that Nicaragua and Latin America should diversify their relations and look towards the Asian region and other multilateral organizations such as BRICS (Brazil, Russia, India, China and South Africa), which will be an important component of the global economy.
