Uganda leads East Africa as the first nation to join BRICS
UGANDA – Uganda has officially joined the BRICS alliance as one of 13 new partner nations, a move set to reshape the nation’s trade landscape and open new investment opportunities.
The move was officially sealed as a partner state, becoming the first East African nation to join the alliance during the three-day annual BRICS summit in Kazan, Russia, on Tuesday, October 22.
This step signifies Uganda’s ambition to build stronger ties with some of the world’s largest emerging markets and to gain leverage on the global economic stage.
The BRICs comprise Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran and the United Arab Emirates. Brazil, Russia, India and China created the “BRIC” group in 2006 and four years later, South Africa joined, making it “BRICS”.
The other member states joined on January 1, 2024, after being invited last year. Still, Saudi Arabia, also invited, has yet to formally join the expanded group with a combined population of about 3.5 billion.
Uganda’s inclusion in this alliance reflects a broader trend among African nations to seek partnerships beyond traditional Western markets to establish trade relationships based on mutual benefit and economic advancement.
“BRICS offers a platform where African countries can engage on equal footing with leading economies,” remarked a regional trade expert.
“This shift toward south-south cooperation is crucial for countries like Uganda, as it allows them to reduce their dependency on Western markets and forge more balanced trade relationships.”
In addition to Uganda, countries like Algeria, Indonesia, Turkey, Nigeria, and Vietnam have joined BRICS, underscoring the alliance’s strategic push to broaden its global influence and advocate for a more balanced, multilateral trade system.
BRICS membership offers Uganda a chance to diversify its trade partnerships, especially with economic heavyweights that lead emerging markets.
With an economy that relies significantly on agriculture and natural resources, Uganda stands to attract substantial investment and market opportunities in sectors like oil, minerals, coffee, and tea.
The alliance opens doors to the vast BRICS market for Ugandan exporters and investors, allowing them to tap into increased demand for agricultural products and resources.
Moreover, this partnership is expected to promote foreign direct investment, bolster the country’s economic resilience, and help it reach its industrialization and development goals.
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