Brics overshadowing AfCFTA

MORE African countries are joining the Brics grouping, a major risk to the progress of the African Continental Free Trade Area (AfCFTA).

 Indeed, we are witnessing a shift in navigation but it is important to analyse Zimbabwe’s role in the Brics alliance.

The Brics (Brazil, Russia, India, China, and South Africa) alliance is quickly emerging as a major global economic force, posing a significant challenge to the Western world’s hegemony. In recent years, the Brics countries have grown significantly, and they collectively represent more than 40% of the world’s population and around 23% of its GDP. This growth trajectory has brought new opportunities and challenges for the West, and Zimbabwe is poised to play a critical role in this shift.

The West has long been the dominant economic and political force in the world, with the United States dollar as the global reserve currency.

However, the Brics alliance has begun to challenge this status quo, with plans to introduce a new reserve currency that will be more diversified and less dependent on the US dollar. This move has the potential to significantly impact the Western world’s economy and shift the balance of power globally.

Zimbabwe, a strategically located country which is a getway to southern Africa, is well-positioned to play a critical role in the Brics alliance’s future and also the success of AfCFTA.

The country has strong ties with China, with major infrastructure projects being driven by investments from China, a key member of the Brics alliance. Moreover, Zimbabwe has also bilateral agreements with South Africa, which further strengthens its economic ties with the alliance.

Zimbabwe’s role in the Brics alliance’s future is not limited to its relationship with China and/or South Africa. The country is cementing its closer ties with other Brics members, such as Russia and Brazil. These relationships have the potential to significantly enhance Zimbabwe’s economic growth and development, providing new opportunities for trade and investment.

However, as with any major shift in the global economy, there are also challenges that must be addressed. The West is unlikely to give up its dominance easily, and there are likely to be geopolitical tensions and economic rivalries as the Brics alliance continues to grow. Zimbabwe will need to carefully navigate these challenges and work to strengthen its relationships with all major global powers, including the US and its allies, as it seeks to capitalise on the opportunities presented by the shift in the global balance of power.

The emergence of the Brics alliance as a major global economic force presents both opportunities and challenges for the Western world and Zimbabwe. The alliance’s plan to introduce a new reserve currency and increase economic cooperation among its members will have significant implications for the global economy.

Zimbabwe’s strategic location and growing ties with key Brics members position it to play a critical role in this shift, but it must also navigate the geopolitical and economic challenges that come with it. As the global balance of power continues to shift, Zimbabwe must remain vigilant and work to strengthen its relationships with all major global powers to ensure its economic growth and development.

The political instability in Zimbabwe is a potential obstacle to the country’s ability to fully leverage the opportunities presented by the Brics alliance. It is crucial for Zimbabwe to address its political instability and create a more stable political environment in order to attract foreign investment, build strong relationships with other members of the alliance, and maximise the benefits of this important shift in the global balance of power.

One of the key developments in recent years has been the changing relationship between Saudi Arabia and Iran, two major players in the Middle East.

While the two countries have long been at odds, there have been some recent signs of rapprochement, which could have significant implications for the region’s political stability and the balance of power. Zimbabwe, an ally of Iran, needs to navigate this changing landscape carefully to avoid getting caught in the crossfire.

Similarly, Russia and Turkey have recently strengthened their economic and political ties, with the two countries engaging in major infrastructure projects and energy deals. This partnership has the potential to significantly impact the balance of power in the region and beyond, and Zimbabwe will need to closely monitor these developments to ensure its national interests are protected.

South Africa, Zimbabwe’s neighbour and number one trading partner, as the only African member of the Brics alliance, also presents a significant opportunity for Zimbabwe. The country’s large and growing market offers new opportunities for trade and investment, which could help to diversify Zimbabwe’s economy and reduce its dependence on a few key sectors.

Another major impact of the Brics alliance’s emergence is the potential end of the hegemony of the US dollar as the global reserve currency. The introduction of a new reserve currency that is less dependent on the dollar would have significant implications for the global economy, and Zimbabwe will need to carefully monitor these developments to ensure its economic stability.

In addition to these broader geopolitical considerations, the emergence of the Brics alliance is also likely to have a significant impact on Zimbabwe’s domestic political situation. As the country seeks to position, there is likely to be increased political competition and polarisation, as various groups seek to leverage this shift in global power for their own ends.

As Zimbabwe navigates its role in the Brics alliance, it must be mindful of the potential consequences of inaction or missteps. If Zimbabwe fails to seize the opportunities presented by the shift in the global balance of power, South Africa could become the dominant player in the alliance, leaving Zimbabwe behind.

South Africa, as a member of the Brics alliance, is also seeking to leverage this shift in global power to its advantage. The country has already taken significant steps to strengthen its economic and political ties with other members of the alliance, such as China and Russia. If Zimbabwe does not take similar steps, it risks being left behind and losing out on the potential benefits of the alliance.

To avoid this predicament, Zimbabwe will need to carefully consider its approach to the alliance, building strong relationships with all major global powers, and ensuring that it is actively engaged in shaping the direction of the alliance. This will require a proactive and strategic approach that takes into account the country’s unique geopolitical and economic position.

Zimbabwe must be mindful of the potential consequences of inaction or missteps in its approach to the Brics alliance. If the country does not play its role carefully, it risks being left behind, with South Africa occupying the main position in the alliance. To avoid this scenario, Zimbabwe must take a proactive and strategic approach, building strong relationships with all major global powers and actively shaping the direction of the alliance.

The political instability in Zimbabwe could potentially hinder the country’s ability to fully leverage the opportunities presented by the emergence of the Brics alliance. A stable and consistent government that is able to provide clear policies and direction is essential for attracting foreign investment and building strong relationships with other members of the alliance.

If the political situation in Zimbabwe remains unstable, it could deter foreign investors and potential partners from engaging with the country, which would limit its ability to benefit from the opportunities presented by the alliance. Additionally, the lack of consensus and clear direction within the government could hinder Zimbabwe’s ability to effectively negotiate and secure beneficial trade and investment deals with other members of the alliance.

Therefore, it is imperative that Zimbabwe takes steps to address its political instability and create a more stable and consistent political environment. This could include strengthening democratic institutions, improving governance, and promoting political stability through consensus-building and dialogue.

The political instability in Zimbabwe is a potential obstacle to the country’s ability to fully leverage the opportunities presented by the Brics alliance. It is crucial for Zimbabwe to address its political instability and create a more stable political environment in order to attract foreign investment, build strong relationships with other members of the alliance, and maximise the benefits of this important shift in the global balance of power.

About the writer: Kaduwo is a researcher and economist. Contact [email protected].