IBOV 176,745 ▼ 0.63% IPSA 10,929 ▼ 1.15% IPC MEX 66,470 ▼ 0.04% MERVAL 3,278,900 ▼ 0.04% COLCAP 2,307.67 ▲ 0.65% BVL PERÚ 56,917.82 ▲ 0.11% USD/BRL5.12▲ 0.30% USD/MXN17.49▲ 0.10% USD/CLP928.12▲ 0.35% USD/COP3,237▼ 0.27% USD/PEN3.40▲ 0.32% USD/ARS1,485▼ 0.17% USD/UYU 40.22 — 0.00% USD/PYG6,045▼ 0.17% USD/BOB10.35▲ 2.07% USD/DOP58.37▼ 0.19% USD/CRC448.53▼ 0.06% USD/GTQ7.62▼ 0.10% USD/HNL26.73▲ 0.04% USD/NIO 36.62 — 0.00% USD/VES719.54▼ 0.13% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD157.69▼ 0.25% USD/TTD6.74▼ 0.12% EUR/BRL5.84▲ 0.40% BRENT 78.95 ▲ 3.87% WTI 74.18 ▲ 3.88% IRON ORE 161.91 — — COPPER 6.33 ▲ 1.53% GOLD 4,014 ▼ 2.20% SILVER 58.29 ▼ 2.54% SOY 1,195 ▼ 0.15% CORN 466.50 ▲ 6.51% WHEAT 638.75 ▲ 1.07% COFFEE 328.85 ▼ 4.13% SUGAR 14.70 ▼ 1.21% ORANGE JUICE 138.60 ▼ 6.26% COTTON 82.94 ▲ 3.78% COCOA 5,783 ▼ 2.30% BEEF 231.43 ▼ 1.61% CATTLE 357.40 ▲ 0.79% LITHIUM 70.78 ▼ 2.13% PETR4 40.69 ▲ 2.62% VALE3 73.50 ▼ 0.92% ITUB4 43.89 ▼ 0.93% BBDC4 18.87 ▲ 0.05% ABEV3 15.91 ▲ 0.57% BBAS3 20.33 ▼ 1.21% B3SA3 15.19 ▼ 1.49% WEGE3 44.85 ▼ 3.57% PRIO3 56.34 ▲ 1.61% SUZB3 41.56 ▲ 0.02% RENT3 40.46 ▼ 1.56% AZZA3 18.95 ▼ 0.79% CSAN3 3.99 ▼ 1.97% RAIZ4 0.34 ▼ 2.86% PCAR3 2.63 ▼ 3.66% GMAT3 3.96 ▼ 0.25% PSSA3 54.40 ▼ 1.04% CVCB3 1.25 — 0.00% POSI3 3.93 ▼ 1.01% SLCE3 14.02 — 0.00% NATU3 8.63 ▼ 0.58% BRKM5 6.69 ▲ 0.91% RANI3 7.99 ▼ 0.25% CSNA3 5.29 ▲ 2.12% CMIN3 5.46 ▲ 4.40% USIM5 8.48 ▲ 0.36% GGBR4 23.07 ▲ 0.26% ENEV3 27.19 ▼ 1.31% CPFE3 47.13 ▼ 1.55% CMIG4 11.16 ▼ 1.93% EQTL3 40.24 ▼ 1.64% LREN3 14.33 ▼ 1.98% VIVT3 35.44 ▼ 0.87% RAIL3 14.15 ▼ 1.46% KLABIN 17.56 ▲ 0.11% RAIA DROGASIL 18.55 ▼ 1.17% RDOR3 35.68 ▼ 0.94% HAPV3 10.65 ▲ 0.47% FLRY3 16.28 ▼ 0.85% SMTO3 16.53 ▲ 0.98% UGPA3 30.98 ▲ 0.88% VBBR3 33.25 ▲ 0.76% BBSE3 40.24 ▼ 0.27% BPAC11 57.86 ▼ 1.48% CURY3 33.54 ▼ 1.96% AERI3 2.06 ▼ 1.44% VIVARA 23.26 ▼ 1.15% COMPASS 25.21 ▼ 1.14% VAMOS 3.02 ▼ 1.31% SANB11 27.20 ▼ 1.52% ASAI3 8.79 ▼ 0.90% SBSP3 30.65 ▼ 1.48% WALMEX 49.63 ▲ 0.63% GMEXICO 198.50 ▼ 0.37% FEMSA 226.33 ▲ 1.35% CEMEX 21.60 ▼ 1.19% GFNORTE 185.99 ▼ 0.32% BIMBO 56.22 ▲ 0.21% TELEVISA 9.57 ▼ 1.64% AMX 23.11 ▲ 1.81% GAP 411.23 ▼ 0.30% ASUR 280.85 ▼ 1.50% OMA 234.02 ▼ 1.04% KOF 182.03 ▲ 1.05% GRUMA 282.85 ▼ 0.25% KIMBER 38.24 ▲ 0.45% SQM-B 66,799 ▼ 1.40% COPEC 6,055 ▼ 1.37% BSANTANDER 77.70 ▼ 1.65% FALABELLA 5,908 ▲ 0.05% ENELAM 84.84 ▼ 0.66% CENCOSUD 2,045 ▼ 0.00% CMPC 1,090 ▼ 1.70% BANCO CHILE 185.50 ▼ 1.79% LATAM AIR 25.55 ▼ 2.70% YPF 76,875 ▲ 3.33% GGAL 8,215 ▼ 1.44% PAMPA 5,270 ▲ 1.74% TXAR 670.00 ▼ 0.15% ALUAR 987.00 ▲ 1.18% TGS 9,640 ▲ 0.47% CEPU 2,389 ▼ 0.29% MIRGOR 17,025 ▼ 1.30% COME 45.63 ▼ 0.61% LOMA NEGRA 3,545 ▼ 1.05% BYMA 312.50 ▼ 0.48% TELECOM ARG 4,235 ▼ 0.24% ECOPETROL 15.65 ▲ 0.45% BANCOLOMBIA 81.66 ▼ 1.56% GRUPO AVAL 5.02 ▼ 0.91% CREDICORP 395.85 ▼ 1.24% SOUTHERN COPPER 178.11 ▲ 1.30% BUENAVENTURA 29.80 ▼ 0.67% MERCADOLIBRE 1,870 ▲ 0.95% NUBANK 13.71 ▼ 0.36% XP 16.51 ▼ 2.45% PAGSEGURO 9.32 ▲ 0.76% STONE 11.13 ▼ 0.76% GLOBANT 31.29 ▲ 4.44% TECNOGLASS 42.94 ▼ 2.20% GAP AIRPORT 235.17 ▼ 0.20% ASUR 280.85 ▼ 1.50% OMA AIRPORT 107.07 ▼ 0.90% AMX ADR 26.42 ▲ 1.58% FEMSA ADR 129.35 ▲ 1.32% CEMEX ADR 12.37 ▼ 0.92% PETROBRAS ADR 17.76 ▲ 2.51% VALE ADR 14.30 ▼ 1.14% ITAU ADR 8.54 ▼ 0.99% SANTANDER BR 5.34 ▼ 0.93% AMBEV ADR 3.09 ▲ 0.49% CSN 1.04 ▲ 2.48% GERDAU 4.51 ▲ 0.29% LATAM ADR 54.75 ▼ 3.02% BTC 62,713 ▼ 1.64% ETH 1,780 ▼ 1.43% SOL 76.10 ▼ 1.01% XRP 1.08 ▼ 0.85% BNB 570.08 ▼ 0.67% ADA 0.16 ▼ 1.27% DOGE 0.07 ▼ 0.25% AVAX 6.65 ▲ 3.87% LINK 7.97 ▼ 0.29% DOT 0.84 ▼ 0.97% LTC 43.57 ▼ 0.91% BCH 238.70 ▼ 0.53% TRX 0.33 ▼ 1.54% XLM 0.18 ▼ 1.11% HBAR 0.07 ▼ 0.48% NEAR 1.97 ▲ 3.99% ATOM 1.55 ▼ 1.09% AAVE 95.74 ▼ 1.36% SELIC 14.25% EMBRAER 83.26 ▼ 1.58% EMBRAER ADR 64.86 ▼ 1.75% JBS 11.81 ▼ 0.84% JBS BDR 60.54 ▼ 0.39% MBRF3 15.10 ▼ 2.89% MBRFY 2.92 ▼ 3.31% INTER 5.65 ▼ 2.92% EGX 52,608 ▲ 0.67% USD/ZAR16.38▲ 0.37% USD/NGN1,378▼ 0.05% NIKKEI 67,243 ▼ 1.92% CSI300 4,695 ▼ 1.79% HSI 24,214 ▲ 0.16% NIFTY 24,211 ▲ 0.02% KOSPI 6,807 ▼ 8.95% JCI 6,038 ▲ 1.92% USD/JPY162.34▲ 0.39% USD/CNY6.77▼ 0.13% DAX 25,061 ▼ 0.02% CAC 8,348 ▲ 0.11% FTSE 10,487 ▼ 0.10% MIB 52,748 ▲ 0.25% IBEX 19,332 ▼ 0.27% STOXX 640.01 ▼ 0.17% EUR/USD1.14▲ 0.07% GBP/USD1.34▼ 0.07% SPX 7,555 ▼ 0.27% DJI 52,582 ▼ 0.10% NDX 29,528 ▼ 0.99% RUT 2,964 ▼ 0.48% TSX 35,284 ▼ 0.06% VIX 16.46 ▲ 9.51% USD/CAD1.41▼ 0.13% US10Y 4.5930 ▲ 0.53% IBOV 176,745 ▼ 0.63% IPSA 10,929 ▼ 1.15% IPC MEX 66,470 ▼ 0.04% MERVAL 3,278,900 ▼ 0.04% COLCAP 2,307.67 ▲ 0.65% BVL PERÚ 56,917.82 ▲ 0.11% USD/BRL 5.12 ▲ 0.30% USD/MXN 17.49 ▲ 0.10% USD/CLP 928.12 ▲ 0.35% USD/COP 3,237 ▼ 0.27% USD/PEN 3.40 ▲ 0.32% USD/ARS 1,485 ▼ 0.17% USD/UYU 40.22 — 0.00% USD/PYG 6,045 ▼ 0.17% USD/BOB 10.35 ▲ 2.07% USD/DOP 58.37 ▼ 0.19% USD/CRC 448.53 ▼ 0.06% USD/GTQ 7.62 ▼ 0.10% USD/HNL 26.73 ▲ 0.04% USD/NIO 36.62 — 0.00% USD/VES 719.54 ▼ 0.13% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 157.69 ▲ 0.15% USD/TTD 6.74 ▲ 1.31% EUR/BRL 5.84 ▲ 0.40% BRENT 78.95 ▲ 3.87% WTI 74.18 ▲ 3.88% IRON ORE 161.91 — — COPPER 6.33 ▲ 1.53% GOLD 4,014 ▼ 2.20% SILVER 58.29 ▼ 2.54% SOY 1,195 ▼ 0.15% CORN 466.50 ▲ 6.51% WHEAT 638.75 ▲ 1.07% COFFEE 328.85 ▼ 4.13% SUGAR 14.70 ▼ 1.21% ORANGE JUICE 138.60 ▼ 6.26% COTTON 82.94 ▲ 3.78% COCOA 5,783 ▼ 2.30% BEEF 231.43 ▼ 1.61% CATTLE 357.40 ▲ 0.79% LITHIUM 70.78 ▼ 2.13% PETR4 40.69 ▲ 2.62% VALE3 73.50 ▼ 0.92% ITUB4 43.89 ▼ 0.93% BBDC4 18.87 ▲ 0.05% ABEV3 15.91 ▲ 0.57% BBAS3 20.33 ▼ 1.21% B3SA3 15.19 ▼ 1.49% WEGE3 44.85 ▼ 3.57% PRIO3 56.34 ▲ 1.61% SUZB3 41.56 ▲ 0.02% RENT3 40.46 ▼ 1.56% AZZA3 18.95 ▼ 0.79% CSAN3 3.99 ▼ 1.97% RAIZ4 0.34 ▼ 2.86% PCAR3 2.63 ▼ 3.66% GMAT3 3.96 ▼ 0.25% PSSA3 54.40 ▼ 1.04% CVCB3 1.25 — 0.00% POSI3 3.93 ▼ 1.01% SLCE3 14.02 — 0.00% NATU3 8.63 ▼ 0.58% BRKM5 6.69 ▲ 0.91% RANI3 7.99 ▼ 0.25% CSNA3 5.29 ▲ 2.12% CMIN3 5.46 ▲ 4.40% USIM5 8.48 ▲ 0.36% GGBR4 23.07 ▲ 0.26% ENEV3 27.19 ▼ 1.31% CPFE3 47.13 ▼ 1.55% CMIG4 11.16 ▼ 1.93% EQTL3 40.24 ▼ 1.64% LREN3 14.33 ▼ 1.98% VIVT3 35.44 ▼ 0.87% RAIL3 14.15 ▼ 1.46% KLABIN 17.56 ▲ 0.11% RAIA DROGASIL 18.55 ▼ 1.17% RDOR3 35.68 ▼ 0.94% HAPV3 10.65 ▲ 0.47% FLRY3 16.28 ▼ 0.85% SMTO3 16.53 ▲ 0.98% UGPA3 30.98 ▲ 0.88% VBBR3 33.25 ▲ 0.76% BBSE3 40.24 ▼ 0.27% BPAC11 57.86 ▼ 1.48% CURY3 33.54 ▼ 1.96% AERI3 2.06 ▼ 1.44% VIVARA 23.26 ▼ 1.15% COMPASS 25.21 ▼ 1.14% VAMOS 3.02 ▼ 1.31% SANB11 27.20 ▼ 1.52% ASAI3 8.79 ▼ 0.90% SBSP3 30.65 ▼ 1.48% WALMEX 49.63 ▲ 0.63% GMEXICO 198.50 ▼ 0.37% FEMSA 226.33 ▲ 1.35% CEMEX 21.60 ▼ 1.19% GFNORTE 185.99 ▼ 0.32% BIMBO 56.22 ▲ 0.21% TELEVISA 9.57 ▼ 1.64% AMX 23.11 ▲ 1.81% GAP 411.23 ▼ 0.30% ASUR 280.85 ▼ 1.50% OMA 234.02 ▼ 1.04% KOF 182.03 ▲ 1.05% GRUMA 282.85 ▼ 0.25% KIMBER 38.24 ▲ 0.45% SQM-B 66,799 ▼ 1.40% COPEC 6,055 ▼ 1.37% BSANTANDER 77.70 ▼ 1.65% FALABELLA 5,908 ▲ 0.05% ENELAM 84.84 ▼ 0.66% CENCOSUD 2,045 ▼ 0.00% CMPC 1,090 ▼ 1.70% BANCO CHILE 185.50 ▼ 1.79% LATAM AIR 25.55 ▼ 2.70% YPF 76,875 ▲ 3.33% GGAL 8,215 ▼ 1.44% PAMPA 5,270 ▲ 1.74% TXAR 670.00 ▼ 0.15% ALUAR 987.00 ▲ 1.18% TGS 9,640 ▲ 0.47% CEPU 2,389 ▼ 0.29% MIRGOR 17,025 ▼ 1.30% COME 45.63 ▼ 0.61% LOMA NEGRA 3,545 ▼ 1.05% BYMA 312.50 ▼ 0.48% TELECOM ARG 4,235 ▼ 0.24% ECOPETROL 15.65 ▲ 0.45% BANCOLOMBIA 81.66 ▼ 1.56% GRUPO AVAL 5.02 ▼ 0.91% CREDICORP 395.85 ▼ 1.24% SOUTHERN COPPER 178.11 ▲ 1.30% BUENAVENTURA 29.80 ▼ 0.67% MERCADOLIBRE 1,870 ▲ 0.95% NUBANK 13.71 ▼ 0.36% XP 16.51 ▼ 2.45% PAGSEGURO 9.32 ▲ 0.76% STONE 11.13 ▼ 0.76% GLOBANT 31.29 ▲ 4.44% TECNOGLASS 42.94 ▼ 2.20% GAP AIRPORT 235.17 ▼ 0.20% ASUR 280.85 ▼ 1.50% OMA AIRPORT 107.07 ▼ 0.90% AMX ADR 26.42 ▲ 1.58% FEMSA ADR 129.35 ▲ 1.32% CEMEX ADR 12.37 ▼ 0.92% PETROBRAS ADR 17.76 ▲ 2.51% VALE ADR 14.30 ▼ 1.14% ITAU ADR 8.54 ▼ 0.99% SANTANDER BR 5.34 ▼ 0.93% AMBEV ADR 3.09 ▲ 0.49% CSN 1.04 ▲ 2.48% GERDAU 4.51 ▲ 0.29% LATAM ADR 54.75 ▼ 3.02% BTC 62,713 ▼ 1.64% ETH 1,780 ▼ 1.43% SOL 76.10 ▼ 1.01% XRP 1.08 ▼ 0.85% BNB 570.08 ▼ 0.67% ADA 0.16 ▼ 1.27% DOGE 0.07 ▼ 0.25% AVAX 6.65 ▲ 3.87% LINK 7.97 ▼ 0.29% DOT 0.84 ▼ 0.97% LTC 43.57 ▼ 0.91% BCH 238.70 ▼ 0.53% TRX 0.33 ▼ 1.54% XLM 0.18 ▼ 1.11% HBAR 0.07 ▼ 0.48% NEAR 1.97 ▲ 3.99% ATOM 1.55 ▼ 1.09% AAVE 95.74 ▼ 1.36% SELIC 14.25% EMBRAER 83.26 ▼ 1.58% EMBRAER ADR 64.86 ▼ 1.75% JBS 11.81 ▼ 0.84% JBS BDR 60.54 ▼ 0.39% MBRF3 15.10 ▼ 2.89% MBRFY 2.92 ▼ 3.31% INTER 5.65 ▼ 2.92% EGX 52,608 ▲ 0.67% USD/ZAR 16.38 ▲ 0.23% USD/NGN 1,378 ▲ 0.15% NIKKEI 67,243 ▼ 1.92% CSI300 4,695 ▼ 1.79% HSI 24,214 ▲ 0.16% NIFTY 24,211 ▲ 0.02% KOSPI 6,807 ▼ 8.95% JCI 6,038 ▲ 1.92% USD/JPY 162.34 ▲ 0.42% USD/CNY 6.7684 ▲ 0.03% DAX 25,061 ▼ 0.02% CAC 8,348 ▲ 0.11% FTSE 10,487 ▼ 0.10% MIB 52,748 ▲ 0.25% IBEX 19,332 ▼ 0.27% STOXX 640.01 ▼ 0.17% EUR/USD 1.1409 ▼ 0.09% GBP/USD 1.3379 ▼ 0.14% SPX 7,555 ▼ 0.27% DJI 52,582 ▼ 0.10% NDX 29,528 ▼ 0.99% RUT 2,964 ▼ 0.48% TSX 35,284 ▼ 0.06% VIX 16.46 ▲ 9.51% USD/CAD 1.4143 ▼ 0.06% US10Y 4.5930 ▲ 0.53%
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Opinion: BRIC by BRIC – a geopolitical analysis of Brazil’s “Covaxin” cause célèbre

By · June 25, 2021 · 3 min read

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RIO DE JANEIRO, BRAZIL – (Opinion) All but one of the so-called BRICS countries – Brazil, Russia, India, China, but not South Africa – are today engaged in a “soft power” exercise that is called “vaccine diplomacy”: sometimes their interests are mutual, sometimes at cross purposes.

China, where the coronavirus causing Covid-19 first arose, has been trying to apologize by becoming the leader in promoting vaccines to prevent the disease. Chinese pharmaceutical giants Sinopharm and Sinovac have rolled out billions of doses of the finished product and of the active pharmaceutical ingredient (API) needed for their manufacture.

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Detail: Coronavac, the vaccine most commonly applied in Brazil, is from Sinovac.

Russia was the first Western country to announce a homegrown Covid-19 vaccine – called Sputnik-V to remind the world that the Sputnik satellite was the first to orbit the earth – and began applying it before third-stage clinical trials were completed.

Detail: Russia’s Gamaleya Institute has been marketing Sputnik-V aggressively abroad, notably to Brazil’s neighbors Argentina and Uruguay.

India is home to the Serum Institute, the world’s most prolific producer of vaccines. Serum Institute agreed with AstraZeneca to produce vast quantities of its Covid-19 vaccine, Brazil’s second-most applied, as well as its API, for both domestic use and export, including to Brazil.

Detail: India is also home to Bharat Biotech, the creator of Covaxin, now the focus of a cause célèbre in Brazil.

Brazil’s federal government and the São Paulo state government have been engaging in an ongoing internecine squabble, with the former pushing the federal-owned Fiocruz Institute (for AstraZeneca’s vaccine) and the latter promoting the state-owned Butantan Institute (for Sinovac’s Coronavac).

Detail: a hitherto unknown private company – União Química Farmacêutica – has been trying to become the local manufacturer of Sputnik-V, and wants to export to Argentina and Uruguay.

Turning to politics, everyone and his brother (except Bolsonaro & Sons) know that Brazil missed the boat on vaccines, by disregarding early offers from Pfizer and putting its eggs in the Fiocruz and Butantan baskets.

As the death toll rose steadily around the world, obtaining vaccines from suppliers became increasingly more difficult. Trying to catch up after its late start, searching desperately for suppliers, the Bolsonaro administration should have tried diplomacy within the BRICS alliance.

Instead, Brazil turned its back on both China – as Bolsonaro repeated Trumpish sound bites over the virus’s origin – and on Russia – as government health regulator ANVISA stonewalled the application for Sputnik-V approval.

The last remaining BRIC was India. In March, the Health Ministry sought to move forward delivery dates for the AstraZeneca vaccine and its API. Sadly, by that time, India was also suffering a tsunami wave of Covid-19; its government, unsurprisingly, chose to ban most exports by the Serum Institute, preferring to inoculate its own population.

Enter Bharat Biotech, an Indian manufacturer whose homegrown Covaxin brand was seeking international recognition. Brazil speedily agreed to purchase 20 million doses. India’s government, anxious to promote an eponymous vaccine – “Bharat” is the country’s name in Hindi – speedily agreed to the purchase and the exportation, to begin in April this year.

Conclusion:  The Covaxin purchase transaction had every chance of becoming a rare triumph of infra-BRICS solidarity. That it did not do so bears witness to Brazil’s failed vaccine diplomacy.

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