Almot Maqolo, Staff Writer 
AS ZIMBABWE continues in its push to join the BRICS bloc, a move that could redefine its global economic standing, experts have weighed in with cautious optimism and warnings about how it could backfire.
This comes amid reports of recent discussions between President Emmerson Mnangagwa and his Russian and South African counterparts regarding the initiative.
The potential membership of the group comprising Brazil, Russia, India, China, and South Africa — countries known for challenging the traditional Western-centric economic order — has sparked lively debate among Zimbabwe’s economic thinkers.
Economist Vince Musewe views BRICS as a platform to establish a “new world economic order” and sees Zimbabwe’s possible inclusion as a step towards reducing reliance on traditional financial institutions and the US dollar in international trade.
“It’s a great idea to shape a new developmental finance regime,” Musewe said.
He emphasised that for Zimbabwe to join and access new developmental finance, it must prioritise “macroeconomic stability and the habit of repaying debts”.
Contrasting Musewe’s enthusiasm, economic analyst Prosper Chitambara, tempered expectations: “I don’t think it’s going to happen probably soon.”
Chitambara believes that Zimbabwe has several hurdles to clear, particularly in stabilising and growing its economy sustainably, before it can contribute value to the BRICS group.
“We need to put our economy on a very solid and robust footing,” he said, suggesting that only then can Zimbabwe become “an attractive destination for BRICS investments.”
Investment analyst, Enock Rukarwa, highlighted the potential benefits of joining BRICS, such as new markets and the much-needed knowledge and technological transfer to boost productivity.
However, he warned of possible strains on relations with Western countries, which could lead to “reduced aid, investment, and diplomatic support”.
Rukarwa said while joining BRICS didn’t guarantee economic benefits, success depended on “how effectively the country leverages inherent opportunities whilst managing the downside”.
Some experts, however, say BRICS membership could enhance Zimbabwe’s political clout on the global stage, allowing it to engage with multiple powers and reduce dependence on any single nation.
The country’s commitment to fostering inclusive economic growth and ensuring equitable sharing of BRICS membership benefits among its citizens will be crucial for leveraging this opportunity.
BRICS nations collectively represent a substantial portion of the world’s land mass, population, and economic output. They are united by a common goal of fostering cooperation and development, particularly in areas such as trade, finance, and technology.
The bloc has established several initiatives to promote these objectives, including the New Development Bank and the Contingent Reserve Arrangement. These institutions offer alternative financing and financial stability mechanisms to the traditional Western-dominated financial system.
BRICS also engages in regular summits and ministerial meetings to coordinate on various global issues, often advocating for reforms in global governance and a more equitable international order.
As of 2024, BRICS has expanded to include four new members ―. Egypt, Ethiopia, Iran and the United Arab Emirates, further solidifying its influence and reach.
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