Ethiopia: How Ethiopia’s Membership in Brics Contributes to Its Economic Growth

It is worth noting that joining BRICS would play the foundations for taking Ethiopia’s economy to unprecedented heights and new opportunities. In fact, people from all segments of society and from diverse backgrounds have expressed their feelings, ideas and thoughts for the reason that joining the bloc will oil the wheels of speeding up the country’s economy as time goes by no matter how long it takes.

While on the subject, joining the bloc is the best example of successful diplomacy. For the sake of truth, this is the outcome of Ethiopia’s fruitful voyage in the diplomacy sector. It is worth mentioning that by putting in place a broad range of effective strategies, the bloc will move heaven and earth to catapult the economy of member nations in the near future.

It is certain that BRICS can serve as a standard for transformed global financial resources that not only tackle the needs of its members but also backs the development goals of other developing economies. There is no denying the fact that the federal government has been encouraging investors from all over the word to invest all over the country.

Professor of Public Policy at Addis Ababa University, Costentinos Berhe-Tesfa in an exclusive interview with a local media said Ethiopia’s membership in the BRICS is an important milestone for the nation.

The membership will have a lot of impact in terms of international trade and the main agenda is to transform the multi-lateral system into some kind of an equitable system where countries will deal with each other on a sovereign basis.

For the professor, the BRICS countries would like to see multi-literalism developed to a greater degree as they represent a significant part of the world economy now. BRICS controls about 40 percent of the world population and an equivalent amount of the economy as the countries now have higher economic values than G-7.

According to him, “The fact that we are part of that (BRICS) means we have a huge amount of agricultural land, and Ethiopia is the water tower of north East Africa where our rivers export over 120 billion cubic meters of water every year. So, we can develop our agricultural potential.”

“The young population we have in Ethiopia, which is about 70 percent of the population, is very young. (This force) will be an immense addition to development initiatives,” the professor stated.

It is common knowledge that as long as joining BRICS breathes new life into the national economy of the country, all member nations have been working hand in glove with a focus on taking the bloc to the next level of achievement at the earliest possible time. It should be noted that the ongoing development undertakings demonstrate in black and white the fact that the future is rosy for the member nations and the whole kit and caboodle on the subject of the bloc is heading in the right direction.

Obviously, the bloc can function as a springboard for the development of Ethiopia. Apart from taking the country to the next level of achievement, the bloc will shower the country with a broad range of effective development undertakings that will bring about meaningful and significant changes in the length and breadth of the country.

In the present circumstances, Ethiopia’s membership in BRICS is bearing fruits and moving forward in leaps and bounds. More to the point, it is true that BRICS down the road will take all member nations to whole other level in the timeliest manner possible.

The BRICS bloc presents a collective endeavor towards reshaping the dynamics of global economic development and growth. Since the coalition’s formal establishment, BRICS has embarked on several initiatives to strengthen political and economic cooperation both within the bloc and with other emerging economies worldwide. This can be seen in its numerous institutions and mechanisms launched aimed at providing new alternatives for fostering global sustainable development, infrastructural advancement and financial stability, according to information obtained from a source.

It went on to say, among key initiatives are the annual BRICS Summits held since 2009. The first formal BRICS summit took place in Yekaterinburg, Russia in 2009. The early focus on investment prospects gradually changed to become reform of the international financial architecture with an invitation to South Africa to join the bloc in 2011 before the expansion noted above. BRICS summits now cover various topics, including trade, finance, development, energy, and technology, and aim to facilitate cooperation, policy alignment, and joint initiatives among these major emerging economies.

As Ethiopia has been partaking in a broad range of ways, joining the BRICS would smooth the path of the country’s economy in the shortest possible time.

As joining BRICS paves the way for enhanced growth and shared development among the member states, all actors involved in the bloc should join hand in glove and unite efforts almost immediately. In actual fact, some groups that hate to death Ethiopia’s development have made every effort to drag through the ongoing positive development of the country. However, all their efforts went for nothing.

There is an understanding that Ethiopia’s BRICS membership opens the door for further step forward in various development activities of the country.

In its participation in the six thematic sessions, Ethiopia reaffirmed its steadfast commitment to multilateralism, collective security and sustainable development.

On the matter of global health, Ethiopia called on BRICS countries to redouble efforts to address grave infrastructure gaps that underpin vulnerability of countries for global public health risks.

On economy and trade, Ethiopia emphasized the need to put development at the center of BRICS engagement in manner that creates predictable market access, enhances development finance mobilization, addresses infrastructure gap and attracts quality investments.

As a matter of fact, as a lot is expected from all members of the bloc, they should pull out all the stops to do everything they can with the purpose of taking BRICS to the next level of success at the earliest possible time. No matter what happens they should keep on moving in the right direction with commitment and hard work. In doing so, for them attaining the intended target will be low-hanging fruit.

In view of the fact that BRICS plays a paramount role in taking all members of the bloc, each member state should contribute their share for its realization putting in place several effective strategies. For the sake of truth, at this point in time, taking the benefits they secure out of joining the bloc, various nations worldwide have sustained joining BRICS. This being the case, the number of nations joining the group has been on the rise over and over again.

In a similar vein, the ongoing development on the subject of the rise on the number of nations joining the BRICS is owing to the unflinching stance of various stakeholders working around the clock for its realization implementing various effecting techniques.

Senior government officials highlighted that the BRICS membership has given Ethiopia significant diplomatic edge and leverage in various areas.

During a round table discussion regarding BRICS membership role for the country, Foreign Affairs Minister Gedion Timothewos (PhD) in the recent past noted that Ethiopia’s membership to BRICS bloc would serve the country to ensure it’s national and Africa’s interests as a whole.

As a country with long years of strong diplomatic journey and being founding member of different international organizations, its membership would play pan-African role in shaping the new world order, he said.

He also mentioned that following the country’s rapid economic growth, joining bloc would serve the nation in ensuring financial provision.

For Mamo Mihretu, Governor of National Bank of Ethiopia, Ethiopia’s diplomatic history has remained consistent which has also been showcased in joining the bloc.

Recently, Ethiopia has engaged in preparing a BRICS foreign policy engagement strategy, while it has undertaken several steps to become a member of the bloc’s development bank, as to him.

Reminding that BRICS member countries have signed over 30 memorandum of understanding (MoU) on various areas, he indicated that the nation is seeking opportunities that fit with its terms and conditions so as to benefit from the agreements.

As the whole thing has sustained moving forward in the right direction, all member nations should continue forming an alliance and acting in concert with the purpose of attaining the desired goal as fast as possible.

Editor’s Note: The views entertained in this article do not necessarily reflect the stance of The Ethiopian Herald

By Ethiopian Herald.