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President Emmerson Mnangagwa has revealed Zimbabwe’s intention to join the BRICS economic bloc, marking a strategic move that could significantly impact the country’s economic trajectory. The announcement was made during Mnangagwa’s visit to Russia, where he attended a high-level economic forum.

BRICS: A Key Economic Bloc

BRICS, which initially comprised Brazil, Russia, India, China, and South Africa, recently expanded to include Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE). The combined gross domestic product (GDP) of BRICS members reached $25.85 trillion in 2022, surpassing that of the United States.

Zimbabwe’s Aspirations

Mnangagwa highlighted Zimbabwe’s aspirations during discussions with Russian President Vladimir Putin and South African President Cyril Ramaphosa. “On joining BRICS, I discussed that issue with my dear brother, President Putin, telling him that it is our desire to join the bloc,” Mnangagwa said. “The prospects are good because none of the BRICS members are anti-Zimbabwe. We also have excellent relations with China and Brazil.”

Potential Economic Benefits

Joining BRICS could open new economic opportunities for Zimbabwe, including access to larger markets, increased investment, and technological collaboration. The support from BRICS countries, which have maintained favorable relations with Zimbabwe, could further enhance the nation’s economic and diplomatic positions.

Expert Insights

Economic analysts believe that Zimbabwe’s potential inclusion in BRICS could lead to substantial infrastructural development, higher foreign direct investment, and improved trade relations. “Zimbabwe’s membership in BRICS would bring significant economic advantages and strengthen its geopolitical alliances,” commented Dr. Tinashe Chimedza, a Harare-based economist.

Looking Ahead

Zimbabwe’s bid to join the BRICS economic bloc represents a significant step toward deeper integration with some of the world’s leading emerging economies. This initiative under President Mnangagwa’s leadership could pave the way for economic growth and enhanced global partnerships.

Photo source: Google

By: Montel Kamau

Serrari Financial Analyst

14th June 2024

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