Hertta-Maria Amutenja
Namibia did not attend the 2024 BRICS summit held in Moscow, Russia, as the country was not invited.
The Namibian Presidency clarified the country’s absence, citing the fact that it is not yet a member of the BRICS bloc.
Presidential spokesperson, Alfredo Hengari confirmed on Wednesday that Namibia’s participation in last year’s BRICS summit, held in South Africa, was only as an observer, not as a participant.
“Namibia was invited as an observer to last year’s summit but did not receive an invitation this year because the country is not a member of BRICS,” Hengari stated.
BRICS currently includes Brazil, Russia, India, China, and South Africa. While the bloc has expanded to include new members such as Egypt, Saudi Arabia, and Ethiopia, Namibia has yet to make any formal or informal moves toward membership.
“The government has not made any official steps toward joining BRICS at this stage,” Hengari added.
Despite the growing importance of BRICS in the global economy, Namibia’s current strategy is to remain outside the bloc, although it continues to trade heavily with BRICS nations.
Namibia’s trade with BRICS amounted to N$97 billion in 2022, surpassing its trade with other economic blocs.
Economic analysts have weighed in on Namibia’s position with regard to BRICS.
Sheehan Joseph noted that Namibia could stand to benefit from closer ties with BRICS, particularly given the bloc’s increasing influence.
“Namibia could gain from BRICS, especially in terms of reducing operational costs, attracting investment, and boosting economic growth. The country is already undertaking structural reforms under its Sixth National Development Plan,” Sheehama said.
Sheehama also raised concerns about Namibia’s relationship with other global trade partners, particularly the United States, in light of BRICS’ expanding role.
He pointed out that Namibia’s preferential access to the U.S. market through the African Growth and Opportunity Act (AGOA) might diminish in the future.
“The loss of AGOA benefits could lead to financial setbacks in some industries,” Joseph said. “Namibia needs to pursue its own interests assertively to balance these challenges,” he said.
Joseph further commented on the potential impact of a single BRICS currency, which has been proposed by the bloc.
“The adoption of a single BRICS currency could change global financial systems. While the U.S. Dollar is unlikely to lose its reserve status soon, Namibia should prepare for the possibility of alternative financial arrangements.”
