In light of the current situation, Ethiopia’s membership in BRICS has set in motion bearing fruits and moving forward in the right direction. More to the point, it is envisioned that BRICS just around the corner will take the country to new heights and new frontiers on the grounds that it assists the progress of growth and development at the earliest possible time.
On the heels of Ethiopia’s embracement by BRICS, the global community has been patting the country on the back. It is anticipated that the clicking between the two will catapult Ethiopia to a higher level of development in the timeliest manner possible.
In fact, some groups that feel an extreme animosity towards Ethiopia’s growth and development have jumpstarted putting their best foot forward with a focus on tarnishing the country’s move in their own interpretation. As the adage goes, the camel marches while the dog keeps on barking, Ethiopia is busy doing its level best to keep working hand in glove with members of the BRICS and grow and prosper together.
It is highly likely that no matter what worrywarts say Ethiopia will embark on reaping the fruits of accomplishment at some time in the future. As a lot is expected from all members of the BRICS, they should do everything they can to take the affiliates of the bloc to come up with various means that can propel them to new horizons and new standards.
As long as BRICS beyond a shadow of a doubt plays a crucial role in taking Ethiopia to the next level of accomplishment, all stakeholders without batting an eye should contribute their share. They should go to the ends of the earth to do everything they can.
In actual fact, Ethiopia turned out to be one of the members of the BRICS through diplomacy. It is the fruit of its diplomatic victory. For the sake of truth, the voyage was not as easy as falling off a log. It was not a low-hanging fruit.
Following the positive achievements of the BRICS members, several nations worldwide have been sparing no effort to join the bloc. This reality on the ground unquestionably demonstrates the fruitful journey of the bloc.
In his remarks at the recently completed 16th BRICS Summit in Kazan, Russia, Prime Minister Abiy Ahmed (PhD) underscored that as the newest member of the BRICS family, Ethiopia is prepared to engage constructively in fostering multilateralism that serves both developed and developing nations, anchored in the principle of equity.
He said, “Our world is rapidly evolving with the multitude of crises that demands wisdom and thoughtful approach. It is crucial to acknowledge that economic growth in developing countries is often challenged by unfair global financial systems.
“The imbalances in our global economic framework are driving rising inequality, inflation, and unemployment, making collective efforts more urgent than ever. The calls for climate action and climate finance continue to be ignored even as the crisis deepens.
“In the middle of these challenges, however, I see a tremendous opportunity in BRICS, with its collective voice representing nearly half of the global population. And over a third of global GDP, BRICS has the potential to be a transformative force for a more equitable world order.”
Ethiopia’s joining of the membership in the BRICS is a significant breakthrough for the country and its people. It is certain that the participation of the country in BRICS for sure will smooth the path of global marketing and renovate the multinational systems.
It becomes clear that Ethiopia’s BRICS membership in black and white signals a new epoch filled with prosperity owing to the fact that it leads the bloc toward a new model of international order by offering a platform within the bounds of nations in various parts of the world to act together.
Ethiopia more often than not has been enunciating its enthusiasm to become part of promoting peace and prosperity as a new member of the BRICS family in combination with all its members.
Similarly, the country as usual has sustained playing a huge role in promoting peace and prosperity as a new member of the BRICS family in collaboration with all pertinent bodies.
The population of Ethiopia is estimated to be more than one hundred twenty million. The population is growing at an annual rate of 2.6%. This puts Ethiopia in the second place in Africa. Population means a big market for the products of other countries to sell their goods and services. Thus, products from BRICS members can find a market in Ethiopia and improve their trade ties, according to an article.
The article went on to say more than one hundred countries have opened their embassies in Addis Ababa. There are also many international organizations working in Ethiopia. This makes Ethiopia the third-largest diplomatic center in the world. Since the African Union is also a member of the G21, it can be assumed that when the Union organizes the group’s summit, it will be in Addis Ababa.
The majority of the people of Ethiopia are young. More youth population means a greater human capital that can provide enough labor force for member countries’ projects and investments in Ethiopia. This is a good opportunity to BRICS countries to expand their trade and investment in Ethiopia and Africa at large. Being the most populous and influential country in East Africa, its security and safety role may be important for international trade relations in the Indian Ocean.
As the membership will have a lot of influence in terms of international trade and the main agenda is to transform the multi-lateral system into some kind of an equitable system where nations will deal with each other on a sovereign basis, Ethiopia will be one of the beneficiaries.
It is true that Ethiopia, every so often, has been bending over backwards to take its active role in the BRICS bloc in compliance with its national development milestones. In the same way, members of the bloc have been expressing their interest to work together with Ethiopia in a wide spectrum of areas.
In the BRICS Summit of Heads of State which was held in Kazan, Russia, a wide spectrum of feelings, ideas and thoughts had been tossed around. The summit was a success.
Institute of Foreign Affairs, Training Director General Melaku Mulualem recently told The Ethiopian Herald that the country should have foreign currency options as well as using its own currency for any international exchange since joining BRICS, a bloc which predominately targets ensuring members’ national interest.
On 1st January, 2024, Ethiopia secured full membership in the BRICS group. Diplomatically it is a great success. It has also political and economic benefits. Some Western journalists explain this situation as if Ethiopia joined the de-dollarization group. This way of explanation is far from the truth. Joining the group is to fulfill the national interests of Ethiopia, not to affect the national interests of other countries. BRICS has a lot programs to be executed. Using national currency among member states is one of the tasks included, but it is not the main objective of the group.
This will help to diversify the number of currencies to be used for external trade in the world. It will also increase the importance of our local currencies for other BRICS member states. In trading with China, both governments can use RMB and Birr than USD or EURO. It is the trade between the two countries without passing through third countries’ currencies. This decision can be said “better late than never”. The owner of the hard currencies should also respect the local currencies of other countries of the world.
Using local currencies among BRICS members is economic and national survival to Ethiopia and the group members at large. This will help to mitigate the shortage of hard currencies in the international trade. Of course in such process, he said, the dominance of hard currencies will be dwindled through time. This can be explained as a “side effect of a medicine.”
The current world order, using hard currency, is fundamental to external trade relationships. This has given a lot of benefits to the owner of the currency. On the other side, it has created shortages and damaged economy of the non-hard currency user country
BY ADDISALEM MULAT
THE ETHIOPIAN HERALD WEDNESDAY 30 OCTOBER 2024
