Ethiopia, a rapidly growing economy in Africa, has expressed its interest in joining the BRICS bloc of emerging markets, as per the country's foreign ministry.
The BRICS acronym was originally coined by Jim O'Neill, an economist at Goldman Sachs, in 2001 to refer to the rising economies of Brazil, Russia, India, and China. In 2009, the BRIC nations held their first summit in Russia, and South Africa joined the bloc in 2010.
Foreign ministry spokesman Meles Alem stated that Ethiopia expects a positive response to its request to join BRICS. Alem emphasized that Ethiopia would continue to collaborate with international institutions that safeguard its interests. Although Ethiopia has the second-largest population in Africa, its economy currently ranks 59th globally, based on the International Monetary Fund (IMF), and is less than half the size of the smallest BRICS member, South Africa.
The move by Ethiopia to seek membership in the BRICS bloc follows Argentina's announcement last year that it had received China's formal support to join the group. Argentina, the 23rd-largest economy globally, views BRICS as a powerful emerging-market alternative to Western-dominated institutions.
In the meantime, South Africa has confirmed that it will host the upcoming BRICS summit in August as scheduled, dispelling rumors that the location might be changed to avoid potential legal complications involving Russian President Vladimir Putin and war crimes accusations. The BRICS countries collectively represent over 40% of the world's population and approximately 26% of the global economy.
Ethiopia's aspiration to join the BRICS bloc signals the country's determination to strengthen its ties with key emerging markets and enhance its global economic standing. If accepted, Ethiopia would gain access to a platform that facilitates cooperation, trade, and investment among some of the world's most influential emerging economies. The BRICS nations, on the other hand, would benefit from Ethiopia's strategic location, large consumer market, and potential for economic growth, contributing to the bloc's overall influence on the global stage.
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