Source: The Herald – Breaking news.
Herald Reporter
AS the global economic landscape continues to evolve, the BRICS Alliance has witnessed a surge in interest from developing countries, Zimbabwe included, seeking to diversify their economic partnerships and reduce reliance on the United States dollar.
The queue to join the bloc, which currently comprises Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates, is growing steadily with 47 more countries from Asia, Africa, South America, and Eastern Europe having expressed their desire to be part of the alliance. Among these, 26 nations have formally sent their applications to join the alliance, while 21 countries have informally expressed their interest in being a part of the grouping. As member states prepare for the 16th BRICS Summit to be held in the Kazan region of Russia in October this year, the bloc will discuss important topics related to de-dollarisation of global trade, expansion, trade deals, and local currencies, among other financial prospects.
In May, President Mnangagwa confirmed that Zimbabwe was moving closer to joining the economic bloc.
The move to join BRICS is part of strategic efforts to strengthen the country’s economic ties and expand its global influence. During the President’s visit to Russia, he met Russian President Vladimir Putin and expressed Zimbabwe’s wish to join the bloc.
“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 after meeting with President Putin.
The bloc was founded as an informal club in 2009 to provide a platform for its members to challenge a world order dominated by the United States and its Western allies, with the US dollar almost totally dominating global trade despite the rise of other strong currencies.
The Heads of State and Government of the member nations convene annually with each nation taking up a one-year rotating chairmanship of the group.
This shift away from dependence on the US dollar is seen as a strategic move to bolster domestic economies and businesses. By reducing dependence on foreign currencies, developing countries can foster greater economic self-sufficiency and stimulate growth in their national GDPs.
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