HARARE- Zimbabwe has formally begun the process to join the BRICS group of emerging economies, following diplomatic discussions between Foreign Affairs and International Trade Minister Amon Murwira and Brazil’s Ambassador to Zimbabwe, Vilmar Rogeiro Coutinho Jr., in the capital on Monday. Brazil currently holds the rotating chairmanship of the BRICS bloc, which includes Brazil, Russia, India, China, and South Africa.
Minister Murwira told reporters that the discussions centered on Zimbabwe’s application to become associated with the bloc, with Brazil offering procedural guidance. “We have had productive exchanges and clear instructions from Brazil on the steps we need to take, which we are already undertaking,” Murwira stated.
The BRICS group, formed in 2006, expanded in 2010 to include South Africa as its first African member. Recently, the bloc welcomed Egypt, Ethiopia, Iran, Saudi Arabia, the United Arab Emirates, and Indonesia, signaling its focus on strengthening south-south cooperation. The group aims to foster economic development and collaboration among emerging markets through shared initiatives.
Zimbabwe’s pursuit of BRICS membership comes at a time when its economy faces severe challenges, including hyperinflation, currency devaluation, and limited access to international capital markets. Integration into BRICS could open avenues for trade, infrastructure development, and financial support through mechanisms like the New Development Bank, established by BRICS nations. However, experts caution that without structural reforms, such as improving governance and stabilizing the currency, the benefits of membership may be limited.
Ambassador Coutinho expressed confidence in the ongoing collaboration, stating, “Zimbabwe has shown clear interest in joining BRICS, and we are working together towards a successful outcome.”
Zimbabwe’s economy has faced significant challenges, including hyperinflation, currency instability, and limited foreign investment, which have hindered growth for decades. Joining BRICS could provide access to new trade opportunities, investment flows, and economic partnerships with major emerging markets. However, the impact remains uncertain, as the country would need to address domestic economic reforms to fully benefit from such membership.
The move reflects Zimbabwe’s intent to deepen its engagement in global economic affairs and align with developing nations. The process for the membership involves multiple stages, and Zimbabwe’s application will be subject to review by existing members.
