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Africa – Ethiopia, one of Africa’s fastest-growing economies, has expressed its interest in joining the BRICS bloc of emerging markets, according to Ambassador Meles Alem. The announcement came during a press previewing, shedding light on Ethiopia’s aspirations to strengthen its economic position on the global stage.
Despite having the second-largest population in Africa, Ethiopia’s economy currently ranks 59th in the world, as stated by the International Monetary Fund. The country’s GDP is less than half the size of the smallest BRICS member, South Africa. By seeking membership in BRICS, Ethiopia aims to align itself with the influential group and leverage its collective economic power for its own development.
The BRICS bloc, originally coined by Goldman Sachs economist Jim O’Neill in 2001, consists of Brazil, Russia, India, China, and South Africa. The group represents some of the world’s fastest-growing economies and has become an alternative force to the Western-dominated economic order. Last year, Argentina, the 23rd-largest economy globally, received China’s formal support to join the BRICS, further expanding the bloc’s reach beyond the original four members.
Ethiopia’s interest in joining BRICS reflects Africa’s increasing economic influence and the continent’s desire to have a more substantial role in shaping the global economy. This move also comes in light of efforts by Kenyan President Dr. William Ruto, who has been advocating for African nations to reduce their reliance on the US dollar and explore the possibility of using a long-existing Pan-African platform where each country can utilize its own currency.
The growing interest in BRICS membership is a testament to the bloc’s appeal and potential for collaboration among emerging economies. As of July 2023, there are currently 5 member countries in BRICS, with Ethiopia being one of 10 nations that have applied for membership. Additionally, a total of 16 countries have expressed their interest in joining the bloc, highlighting the widespread recognition of BRICS as an influential global economic force.
As Ethiopia’s pursuit of BRICS membership gains traction, many countries are following up to see how BRICS will implement policies that will benefit all Continents and Nations.
