Madagascar may soon become a BRICS partner country following discussions during a meeting between the President of the island state, Michael Randrianirina, and the President of South Africa, Cyril Ramaphosa.
South Africa is a member of the BRICS bloc.
L’Express de Madagascar reported that Randrianirina paid a working visit to Pretoria, during which Ramaphosa agreed to support the East African country’s request to obtain partner status within the grouping of the world’s largest emerging economies.
“The President of South Africa accepted our request to include Madagascar among the BRICS partner countries,” Randrianirina said upon his return home.
In addition, Ramaphosa opened up the opportunity for Madagascar to take part in the next BRICS summit, which will be held in India.
It is at this summit that a final decision on the country’s application may be taken.
The final status of a partner country must be approved collectively by all BRICS members at an official summit.
To obtain partner status, a country must formally apply and demonstrate compliance with a number of criteria, including regional strategic significance, economic growth potential, and stability.
At the moment, among African countries, Nigeria and Uganda have partner status.
In January 2024, Egypt became a full member of the grouping, while Algeria cooperates with the BRICS New Development Bank.
BRICS partner countries can develop enhanced cooperation with the grouping along political, economic, and diplomatic lines and take part in joint projects, but they do not have voting rights, which are reserved for full members.
Cooperation may include access to financing through the New Development Bank, as well as joint trade and infrastructure initiatives.
It is noted that partner status will allow Madagascar to gradually participate in the grouping’s projects and initiatives and firmly establish itself within an international cooperation network that is exerting an increasingly strong influence on the global economy and politics. (TV BRICS/NAN)(www.nannews.ng)
YEE
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(Edited by Emmanuel Yashim)
