BRICS header

Ethiopia Requests to Join BRICS Bloc of Emerging Markets

Ethiopia, known for its rapid economic growth in Africa, has formally expressed its desire to become a member of the BRICS bloc, according to the country’s foreign ministry. The announcement was made on Thursday, underscoring Ethiopia’s aspirations to join the group of emerging markets.

Ethiopia Requests to Join BRICS

BRICS header

The term “BRIC” was originally coined by Jim O’Neill, an economist at Goldman Sachs, back in 2001 to highlight the growing influence of Brazil, Russia, India, and China. In 2009, these nations held their inaugural summit, and South Africa joined them in 2010.

Speaking to journalists, Meles Alem, the foreign ministry spokesman, stated, “We expect BRICS will give us a positive response to the request we have made.” This statement was reported by the state-run news agency ENA. Alem emphasized Ethiopia’s commitment to collaborating with international institutions that can safeguard its interests.

Ethiopia

Despite being the second-most populous country in Africa, Ethiopia’s economy currently ranks 59th globally, according to the International Monetary Fund. In comparison, it is less than half the size of the smallest BRICS member, South Africa.

The BRICS bloc has gained significance as a powerful emerging-market alternative to Western dominance. Last year, Argentina, which possesses the 23rd-largest economy globally, received China’s formal support to join the group.

211108143537 02 pro ethiopia protest white house 11082021 super tease

Furthermore, South Africa announced on Thursday that it would proceed as planned to host the next BRICS summit in August. Speculation had circulated regarding a potential relocation to ensure that Russia’s President, Vladimir Putin, would not face arrest over war crimes accusations. However, South Africa dismissed such conjecture and affirmed its commitment to hosting the summit.