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In the late 2000s, the emergence of the BRICS (Brazil, Russia, India, China and South Africa) gave rise to expectations of an alternative for the countries of the Global South in relation to the traditional powers. In this paper, we investigate international investment agreements between the BRICS and Latin America and the Caribbean (LAC). We seek to identify to what extent the BRICS can promote changes in the international investment regime or, on the contrary, reinforce the traditional model of foreign investment protection. To this end, we investigated LAC’s political-economic relations with each BRICS country through document analysis of their models of agreements and secondary data analysis of investment, trade, and credit flows, as well as social and environmental conflicts. We conclude that, although some of the BRICS have promoted important innovations in their investment agreements, the models used by each member with their Latin American counterparts mostly reproduce (except for Brazil) the traditional model. Further, the bloc’s economic relations with LAC have largely reinforced the region’s role as an exporter of raw materials, reproducing asymmetric relations of dependency. Therefore, LAC–BRICS relations, despite representing a geopolitical counterpoint, are limited in contributing to a socially just and sustainable development process.

Political economy of South–South relations: an analysis of BRICS’ investment protection agreements in Latin America and the Caribbean