Cameroon, alongside Pakistan and Zimbabwe, are the latest countries to apply to join the BRICS Bloc, a political and economic alliance rallying emerging economies in the world.
The BRICS alliance, comprising Brazil, Russia, India, China, and South Africa, has garnered attention from developing nations seeking economic improvement and strategic alliances.
The BRICS alliance has recently expanded its membership, admitting Egypt, Iran, Saudi Arabia, Ethiopia, and the United Arab Emirates in January 2024, bringing the total to 10 members.
The move to join BRICS underscores Cameroon’s ambition to expand its international partnerships and leverage the potential benefits associated with BRICS membership.
With strong cooperation ties already established with the founding members of BRICS, namely Russia, India, China, and South Africa, Cameroon believes it stands to gain access to a larger market and increased revenues if admitted.
According to analysts, joining BRICS could bring about various advantages for Cameroon.
Consumers could have access to cheaper products, while Cameroonian businesses could tap into larger markets, thereby boosting revenues in the short term.
Additionally, membership in BRICS could push Cameroon to enhance its industrialization efforts and become more competitive in the global market.
However, there are also challenges and considerations to address.
The global financial system, heavily reliant on the US dollar, presents constraints for developing countries like Cameroon, particularly in financing national development strategies.
While BRICS offers an alternative and diversified financing option, the capacity of the New Development Bank, a key institution within BRICS, remains limited.
Analysts caution that African countries, including Cameroon, may still depend heavily on China for financing until BRICS institutions strengthen their financial capacity.
The admissions session for Cameroon and other interested countries will be held during the next BRICS summit scheduled for Tarzan in Russia.
The BRICS group was originally formed in 2006 by Brazil, Russia, India, and China, with South Africa joining in 2010, thus forming BRICS.
The primary aim of the alliance is to unite the world’s most important developing countries to challenge the political and economic dominance of wealthier nations in North America and Western Europe.
