Addis Ababa — Joining the BRICS is crucial to diversifying economic opportunities that foster Ethiopia's development and exerting global impact, Addis Ababa University Political Science and International Relations Professor Brook Hailu told ENA.
BRICS accepted Ethiopia today to join the bloc alongside Saudi Arabia, Iran, Egypt, Argentina, and the United Arab Emirates.
According to the professor, Ethiopia plays a decisive role in the continental and global politics and geopolitics.
The country is one of those key countries in the African continent that has a significant weight in terms of economy, population and geopolitical position, he said.
"Ethiopia is one of those rare key countries I would say is a decisive player. It is a country that has a significant weight and that can make an impact politically, in geopolitics, economics and in the international diplomatic arena. It is for those reasons that Ethiopia is important."
For Professor Brook, Ethiopia's joining BRICS is crucial to diversify economic opportunities that foster its development and to exert global impact.
Joining BRICS will enhance the country's access to market, commerce, trade and technology of the BRICS members, he elaborated.
"By joining the BRICS, we can enhance and develop our commerce and trade with China, Brazil, Russia, and India. We can acquire technology transfer from these countries. We could access their markets."
Professor Brook noted that the BRICS has a New Development Bank and members like Ethiopia will have diversified and alternative sources of finance for development projects, in addition to the existing ones.
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Ethiopia's membership will also enhance Foreign Direct Investment flow to Ethiopia, especially from BRICS members, he stated.
Furthermore, "Ethiopia's joining the group (BRICS) would enhance its political, economic, diplomatic and foreign relations positions."
The good bilateral relations with most of the BRICS members and the new members "will be enhanced and developed. And we'll have more capital access and knowledge access."
BRICS is becoming an alternative international political economy and system that Ethiopia can exploit to enhance its political, economic and diplomatic position.
The country will complete preparation to join the BRICS membership on January 1, 2024 and Brook hopes Ethiopia will play a significant role in the bloc.
