Zimbabwe considers joining BRICS

Zim Now Writer

Foreign Affairs Ministry spokesperson Livit Mugejo on Thursday reiterated that Zimbabwe is interested in becoming a member of BRICS, a move which could enhance cooperation with Russia.

BRICS is an acronym denoting emerging national economies bloc of Brazil, Russia, India, China and South Africa.

The move is expected to forge alliances and open more trade corridors with a global bloc comprising Russia and China.

Mugejo said joining BRICS would be good for the country since it has good relations with all the countries involved.

“Yes, Zimbabwe is considering joining BRICS, a group of likeminded States like us.

“The good thing is that Zimbabwe has good and strong relations with all the member states of the BRICS. We also believe we have a lot to offer to the group in terms of our rich endowment in minerals,” he said.

Zimbabwe has not received International Monetary Fund financing in more than two decades and has also seen trade avenues blocked under a US-European sanctions regime imposed soon after the turn of the century in response to poll fraud and human rights abuses.

Russia and China, however, have not imposed any trade conditions against Zimbabwe.

BRICS nations established the New Development Bank in 2014 as an alternative to the World Bank and the International Monetary Fund.

In addition to launching NDP, BRICS established a liquidity mechanism known as the Contingent Reserve Arrangement (CRA) to assist members experiencing payment difficulties.

With Egypt, the United Arab Emirates, Uruguay, and Bangladesh joining the NDP in 2021, the CRA offers are attracting developing countries.

The five BRICS countries; Brazil, Russia, India, China, and South Africa represent about a quarter of the global Economy and more than 40% of the world's population.

Algiers, Argentina, Bahrain, Bangladesh, Indonesia, Iran, Egypt, Mexico, Nigeria, Pakistan, Sudan, Syria, Turkey, the United Arab Emirates and Venezuela are among the countries showing interest in joining BRICS.