Morocco could speed up its economic development in various sectors by joining the BRICS (Brazil, Russia, India, China and South Africa) grouping, parliamentarian Nezha Abakrim told Sputnik. This would also enable the country to broaden its financial policy, giving it access to all the world's economic, she maintained.
"Joining the BRICS will open up new development prospects for our kingdom. The level of development of the member countries of the alliance will enable Morocco to strengthen certain sectors of the economy. I'm thinking of tourism, agriculture, fisheries, trade, industry, services, transport and, of course, high technology", she declared.
The New Development Bank, the banking body of the BRICS which aims to be an alternative to the IMF and the World Bank, will also enable King Mohammed VI to deepen his financial policy, to open the country up to all the world's economic centres, the official added.
On the assets side, Morocco has several cards up its sleeve that make its bid credible, explains Nezha Abakrim. The kingdom's political stability and its "independent foreign policy", for example, fit in with the model advocated by the BRICS. The country's geographical position would also enable the group to simplify their logistics chain, she points out.
Looking beyond the West
As a Maghreb country sometimes courted by the European powers, Morocco needs to look beyond the West and diversify its partnerships, argues Nezha Abakrim. Morocco's application to join the BRICS has also raised concerns on the Western side, but the Cherifian kingdom must go beyond this to put its own interests first, explains the politician.
"Of course, the West is looking at the Moroccan approach with a great deal of caution – but we did not expect a reaction of approval. In any case, Morocco will build a diversified economic and political security strategy, in cooperation with all the parties", she said.
Morocco is already cultivating strong economic ties with some of the BRICS countries. In particular, its trade with Brazil has exploded in recent years, reaching more than three billion dollars in 2022, an increase of 26.12% on the previous year, according to the Moroccan Ministry of the Economy.
Countries aspiring to join the BRICS
Morocco is one of 23 countries that have officially expressed their wish to join the organisation, according to an announcement made at the beginning of August by the South African Minister of Foreign Affairs, Naledi Pandor.
The list also includes Algeria, Egypt, Ethiopia, Bangladesh, Saudi Arabia and Bolivia, according to open sources. Indonesia, Bahrain, Mexico, Nigeria and Turkey, have also expressed such interest.
South Africa, which holds the rotating presidency of the BRICS, will host the grouping's summit from 22 to 24 August, under the title "BRICS and Africa: Partnership for mutually accelerated growth, sustainable development and inclusive multilateralism".