HARARE, Aug. 25 — BRICS has become attractive to the Global South because it has effectively dismantled the unipolar system and ushered in a multipolar world, said Zimbabwean political analyst Kudzai Mutisi.
The BRICS’ New Development Bank, a multilateral financial institution established by BRICS members, offers an alternative to countries from the Global South that once faced limited financial options under a Western-dominated system, Mutisi told Xinhua in a recent interview.
“The New Development Bank brings more options and much-needed competition in global financial markets,” Mutisi said.
He said the mutual respect advocated by BRICS countries is different from the old hegemonic order where powerful nations dominated global institutions.
The 15th BRICS summit was held in South Africa amid increased interest among developing countries to join the bloc, including Zimbabwe, which has already submitted a formal request.
Mutisi said the BRICS has also become more attractive because it has no history of colonization and exploitation.
“It, therefore, offers better opportunities for mutually beneficial trade, affordable loans and multilateral cooperation,” he said.
With a population of about 3.2 billion, the BRICS presents substantial economic opportunities for countries in the Global South, said Mutisi, adding that joining the BRICS and the New Development Bank will benefit Zimbabwe.
“Zimbabwe has been under Western sanctions for the past two decades. This has restricted Zimbabwe’s access to international financial markets and constrained Zimbabwe’s trade with the United States and its allies,” said Mutisi.
“Joining BRICS will be a game changer for Zimbabwe in terms of access to alternative sources of credit lines and favourable trade deals,” he added. (Xinhua)