Ethiopia has made its maiden attendance at the BRICS summit ever since it joined the bloc as a full member. Ethiopia’s government should enhance its active participation in such economic and diplomatic blocs to solicit the necessary financial and diplomatic support required to catapult the country’s economic development. This effort of the government would not be limited to supporting the country but also coordinating efforts for the continent.
First, Ethiopia’s membership in BRICS and the benefit it can garner from it and vice versa should be seen along with the case of all developing countries especially that of Africa. Ethiopia faces problems that are shared by all developing countries and Africa too. Solving the problems needs the united actions of these countries.
One of the main problems that developing countries are facing at this moment is economic. This issue is the source of all other problems like security and migration … etc. The best solution to address this big problem is to join hands, think together and work with concerted efforts.
For the last close to a century-long period, developing countries have passed through unbearable challenges to their economy which subsequently posed even more threats against their peace, security and autonomy.
Despite being equal and rightful parts of the global community, they have faced the brunt of all economic crises that are outcomes of the unfair and unjust world order that is inclined towards the long-time economic giants, the Western world.
For instance, their trade ties with these buyers are mainly designed in line with the needs of the economic superpowers that have the upper hand in bargaining power. The trade policies do not appeal to the basic needs of the developing countries. So the developing countries would not have a fair share of the trade and investment relations created as the economic order is unfairly dominated.
Building an alternative economic bloc would be a primary and vital agenda of developing countries like Ethiopia. Such developing countries urgently and desperately need more sources of financing for development as well as trade and investment ties that can boost their local economic development activities.
Believing in the importance of forming a shared platform, Africa made various attempts to form continental economic and trade blocs in the past few decades. Among such attempts is the Africa Continental Free Trade Area (AfCFTA). AfCFTA is one of the Flagship projects of the African Union (AU) under its Agenda 2063 aiming to significantly alleviate the long-ingrained economic challenges of the continent by synergizing the market and investment potentials within itself.
In the long run, the continental trade area would need strong and favorable partnerships for financing and market relations which are not surrounded by biased rules and orders.
Fostering the operation of BRICS could be one step towards paving the way for alternative sources of partnership for the continental free trade area as well as other regional economic communities in the continent.
Ethiopia, along with other members of the BRICS, should do its best towards activating the economic and diplomatic cooperation of the member states so that the bloc can fully become able to provide alternatives to the existing global economic system. It should also work towards bringing more developing countries, especially from Africa, on board so that they can work and give momentum to the ongoing activities of realizing the continental economic and trade platform. As such it can be considered as a turning point in bringing more benefits to the country as well as to the continent.
THE ETHIOPIAN HERALD THURSDAY 24 OCTOBER 2024
