BRICS started as a series of low-key intergovernmental discussions in 2009 to discuss the potential for mutually beneficial investments. It has now developed into a swiftly expanding geopolitical bloc. BRICS originally consisted of Brazil, Russia, India, and China. Later, South Africa joined the group. The bloc has also recently included Saudi Arabia, the United Arab Emirates, Egypt, Ethiopia, and Iran. Because it is founded on the ideals of equality, non- interference, and mutual benefit, BRICS is attractive to developing nations. The possibility of joining the BRICS group has increased significantly since all five members doubled as G20 members, account for over 27% of global GDP, and have an estimated total foreign reserve of $4.5 trillion as of 2018. The prospect of joining the bloc has become even more tempting to most developing countries. This article explores the potential benefits that could attract African countries to join this strategic partnership, leaving ethical considerations for another discussion.
First, trade and investment between African nations have been growing among the BRICS nations. China is Africa’s biggest trading partner. African countries may benefit from increased economic growth and new opportunities this collaboration brings.
One of its main features is the BRICS alternative development model, which prioritises equity and inclusivity. This strategy aims to promote collaboration among Global South nations, which will benefit all parties. BRICS provides an alternative viewpoint on development by promoting South-South collaboration, which may help reduce the inequalities that are now present in conventional development models offered mainly by the West.
In addition, the alliance of BRICS is contesting the supremacy of Western nations and multilateral organizations worldwide. Due to this change in the balance of power, African countries now have greater choices and a louder voice in international affairs. African countries now have access to alternative finance sources for its infrastructure and development projects thanks to initiatives like the New Development Bank (NDB), founded by the BRICS states.
Apart from its economic advantages, BRICS aggressively advocates for regional integration inside Africa. Initiatives like the BRICS-Africa Trade and Investment Forum and the African Continental Free Trade Area (AfCFTA) aim to promote stronger economic relations among African countries. Regional integration is essential for the continent’s economic progress and prosperity.
In addition, BRICS is fighting for a more just global order and against neocolonialism. By giving African nations the chance to diversify their partnerships and lessen their dependence on conventional Western allies, BRICS is paving the path for a more sustainable and balanced approach to development.
Sharing information and experience is another essential component of BRICS collaboration. This knowledge-sharing initiative between African and BRICS nations can help build capacity and foster development across various industries. BRICS aims to create a more equitable and inclusive world that serves the interests of African nations by supporting multilateralism and a more democratic global order.
Implications for African Businesses
BRICS countries are significantly boosting their trade and investment in Africa, bringing economic benefits and new opportunities for African businesses. The New Development Bank (NDB), established by BRICS nations, offers an alternative funding source to support Africa’s infrastructure and development needs. This collaboration allows African businesses to diversify their partnerships, reducing reliance on traditional partners. Additionally, BRICS countries share their knowledge and expertise, which helps build capacity and promote development. Investments from BRICS can lead to job creation across various sectors, such as infrastructure, manufacturing, and services.
The increased presence of BRICS companies in Africa fosters competition, encouraging local businesses to innovate and enhance their products. Furthermore, BRICS countries give African businesses access to new markets and customers, boosting exports and revenue. Transferring technology and expertise from BRICS nations helps improve productivity and efficiency in African companies. Lastly, BRICS promotes regional integration in Africa, leading to a larger market and economic community that benefits African businesses.
In summary, a more promising future for African countries and businesses is being proposed through growing trade and investment, alternative development models, global influence, new development banks, regional integration, challenges to neocolonialism, diversified partnerships, shared knowledge and expertise, and the BRICS countries’ promotion of multilateralism. These have arguably yet to be inherent in their partnerships with Western countries. Could this be the chance for African nations to finally realise their full potential and achieve sustainable growth and wealth? Again, could this be a strategic partnership or an unholy alliance for African countries? The topic of morality remains duly reserved for another.
