Is Zimbabwe Joining BRICS?

Is Zimbabwe Joining BRICS?

Opportunities and Challenges

Zimbabwe’s government is considering joining the BRICS bloc to gain new trade corridors and alliances with like-minded states such as Russia and China. The move is aimed at boosting the country’s economy, which has been struggling for more than two decades, and landing alternative lines of credit. This blog post will examine the opportunities and challenges of Zimbabwe joining BRICS, and how it could impact the country’s future.

Opportunities for Zimbabwe Joining BRICS:

1. Access to new trade corridors: By joining BRICS, Zimbabwe will have access to new trade corridors and markets. This will help diversify the country’s exports and reduce reliance on traditional markets, which could help boost the country’s economy.
2. Alternative lines of credit: Zimbabwe has not received IMF financing in more than two decades, so joining BRICS could provide the country with alternative lines of credit. The New Development Bank (NDB), established by BRICS in 2014 as an alternative to the World Bank and the International Monetary Fund, could offer Zimbabwe new financial opportunities.
3. Rich endowment in minerals: Zimbabwe is a country rich in minerals such as gold, platinum, and diamonds. By joining BRICS, the country could offer its mineral resources to the group, which could create new opportunities for investment and growth.

Challenges for Zimbabwe Joining BRICS:

1. Political instability: Zimbabwe has a history of political instability, which could pose challenges for the country’s ability to benefit from BRICS membership. The bloc’s members have placed a return to democratic rule as a condition for the removal of the measures against their former ally.
2. US-European sanctions regime: Zimbabwe has faced trade avenues blocked under a US-European sanctions regime imposed soon after the turn of the century in response to poll fraud, rights abuses, and unbridled corruption when the country was under late former President Robert Mugabe. The US and EU sanctions have created a difficult business environment in Zimbabwe, which could continue even if the country joins BRICS.
3. Economic restructuring: Joining BRICS could require Zimbabwe to undertake significant economic restructuring to align its policies and regulations with those of the bloc. This could take time and resources, and the country may face opposition from domestic interest groups.

Opportunities & Challenges

Zimbabwe’s potential membership in BRICS offers both opportunities and challenges for the country. Joining the bloc could provide the country with access to new trade corridors, alternative lines of credit, and investment opportunities. However, the country also faces political instability, sanctions, and the need for significant economic restructuring. Ultimately, the decision to join BRICS will depend on the country’s ability to address these challenges and harness the opportunities presented by the bloc.

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