Zimbabwe to submit BRICS accession papers

Zimbabwe is set to submit its instruments of accession to the BRICS economic bloc through the current chair, Brazil, as it moves to secure full membership of the grouping, Foreign Affairs and International Trade Minister Amon Murwira has said.

Murwira told Parliament that Zimbabwe was finalising the process after being admitted earlier this year as a borrowing member of the BRICS New Development Bank (NDB), which finances infrastructure and sustainable development projects.

“We are going to submit our instruments so that we become a full member of BRICS,” Murwira said.

The move forms part of Zimbabwe’s broader drive to expand economic partnerships and diversify sources of development finance as it pursues debt clearance and re-engagement with international financial institutions.

Originally founded by Brazil, Russia, India, China and South Africa, BRICS has expanded in recent years to include several emerging economies from Africa, Asia and the Middle East.

The bloc has positioned itself as a platform for strengthening South-South cooperation and advocating reforms to the global financial architecture.

Zimbabwe views membership as an opportunity to boost trade, investment and development cooperation while increasing its participation in global economic decision-making.

The country’s bid comes as the government seeks to restore access to international capital and broaden engagement with multilateral institutions following years of limited financing options.

JN/APA

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