[
Ethiopia Makes Historic Move as Newest BRICS Member
Ethiopia’s recent membership in the BRICS group of nations, comprising Brazil, Russia, India, China, and South Africa, has opened up a world of opportunities for the country. Gedion Jalata, a development advisor at the United Nations Development Programme, highlighted the significant advantages this membership will bring to Ethiopia.
One of the key advantages of joining BRICS is the establishment of the New Development Bank, which allows for the use of local currencies in trade between member countries. This will help Ethiopia diversify its currencies for export and import trade, reducing the dependence on foreign currency. Gedion emphasized that being able to conduct trade and transactions using non-dollar currencies will alleviate financial constraints that Ethiopia has faced for years.
Ethiopia’s membership in BRICS not only signifies its growing global influence but also provides the country with a platform to learn from the development experiences of other members, particularly China. Gedion pointed out that China’s success in lifting millions of people out of poverty in a relatively short period serves as a valuable lesson for African countries.
In addition to the economic benefits, Ethiopia’s partnership with China is expected to strengthen further through its BRICS membership. Gedion highlighted the potential for Ethiopia to benefit from the expertise of BRICS countries in infrastructure development, education, and health sectors.
As Ethiopia embarks on this new chapter as a BRICS member, the country is poised to reap significant rewards that will enhance its economy, global influence, and improve the lives of its citizens. This historic development marks a crucial step in Ethiopia’s journey towards sustainable development and prosperity.
Source: Ethiopian News Agency.
