HARARE – As global economic dynamics shift, Zimbabwe is among a growing number of developing countries seeking to join the BRICS alliance in a bid to diversify economic partnerships and reduce reliance on the US dollar.
The BRICS bloc, currently consisting of Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates, has seen a surge in interest from nations across Asia, Africa, South America, and Eastern Europe. A total of 47 countries have expressed interest in joining the alliance, with 26 of these formally applying for membership, while 21 others have shown informal interest.
The upcoming 16th BRICS Summit, scheduled to take place in Russia’s Kazan region this October, will address crucial topics such as the de-dollarization of global trade, the bloc’s expansion, new trade deals, and the use of local currencies in international transactions.
In May, President Emmerson Mnangagwa confirmed that Zimbabwe is actively pursuing membership in BRICS as part of its broader strategy to strengthen economic ties and increase global influence. During a visit to Russia, President Mnangagwa discussed Zimbabwe’s aspirations to join BRICS with Russian President Vladimir Putin, as well as with South African President Cyril Ramaphosa.
“On joining BRICS, I discussed the issue with my dear brother, President Putin, telling him that we desire to join the bloc. I also had earlier discussed it with my neighbour, President Cyril Ramaphosa of South Africa. The prospects are good because none of the BRICS members are anti-Zimbabwe. We also have excellent relations with China and Brazil,” President Mnangagwa said following his meeting with President Putin.
Founded in 2009 as an informal club, BRICS provides a platform for its members to challenge a global order dominated by the United States and its Western allies. Despite the growing economic power of its member nations, global trade remains heavily influenced by the US dollar.
BRICS nations collectively represent over 40 percent of the world’s population and account for a quarter of the global economy. Membership in BRICS could offer Zimbabwe access to new markets, investment opportunities, and technological cooperation, significantly boosting the country’s economic prospects.
This shift towards reducing dependency on the US dollar is seen as a strategic move by developing nations to enhance economic self-sufficiency and stimulate growth in their national economies. As Zimbabwe continues to seek ways to strengthen its economy, joining BRICS could be a pivotal step in achieving greater economic stability and global integration.
Source: Herald