Adhesion To BRICS: What Benefits For African Countries ?

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Adhesion To BRICS: What Benefits For African Countries ?

05 sept. 2023 13:10

Egypt and Ethiopia are the latest African countries to join the emerging countries bloc known as BRICS. The two countries will from January 1, 2024 join Nelson Mandela’s South Africa to the bloc which is poised to bring a new world order as far as global economy and geo-political strategy is concerned. The recent 15th Summit of BRICS Heads of State and governments held in Johannesburg, South Africa has ended but dust is yet to settle as to the place of Africa and what the continent stands to gain in the bloc which controls 26 per cent of the world’s GDP and 40 per cent of the global population. With seven new members admitted into the bloc, the BRICS will hence forth wield more influence on the global economic and geopolitical space. The benefits are abound not only for the member countries from the continent but also to other African countries that establishes ties with BRICS. As the theme of the summit (BRICS and Africa) indicated, dozens of African countries were invited to take part in the summit as “Friends of BRICS.” The bloc in its 94 resolutions taken at the just ended summit advocates equality and fair competition market environment for international economic and trade cooperation. Apart from advancing reasons for a new financial system that will be less stressful and expensive for emerging and developing countries like most African countries, BRICS is also keen on reinforcing the implementation of Agenda 2030 for Sustainable Development in three dimensions notably economic, social and environment. On this score, it urges developed countries to honour their commitments, including of mobilizing the USD 100 billion per annum by 2020 and through 2025 to support climate action in developing countries including Africa. In addition, importance of doubling adaptation finance by 2025 from the base of 2019 is also key in order to implement adaptation actions. “Moreover, we look forward to setting up an ambitious New Collective Quantified goal, prior to 2025, as per the needs and priorities of developing countries,” it states while also stressing the need for support of developed countries to developing countries for access to existing and emerging low-emission technologies and solutions that avoid, abate and remove Green House Gas emissions ...