Addis Ababa — Ethiopia is poised to be a primary beneficiary within the BRICS bloc, Russian Ambassador to Ethiopia Evgeny Terekhin remarked.
Briefing journalists on the outcomes 16th BRICS Summit on Tuesday, Ambassador Terekhin said that Ethiopia made her voice heard by stressing that there should be a reform of the global financial system and that a place should be given to Africa in the Security Council of the United Nations.
With a large, productive population, a strong legacy of international participation, strategic geographic advantages, and emerging economic diversity, Ethiopia is poised to be a primary beneficiary within the BRICS bloc, he explained.
"Ethiopia's entry into BRICS represents a hopeful new era for the nation on the international stage, promising benefits politically and economically," he emphasized.
Furthermore, he stated that the bloc advocates for IMF and World Bank reforms and its commitment to equitable global development and security.
The growth and expansion of the Brazil, Russia, India, China and South Africa (BRICS) intergovernmental organization has presented an alternative form of world cooperation, he added.
With an open economy primed for foreign direct investment (FDI), Ethiopia is well-positioned to benefit from BRICS membership. Its rich farmlands, extensive mineral resources, renewable energy potential, and a burgeoning tech sector all contribute to an optimistic outlook," the Ambassador pointed out.
According to him, this new ideological paradigm seeks to challenge the global, unipolar system by accentuating, recognizing and leveraging the role of Global South countries and emerging economies in economic corporation, trade, infrastructural development and peace and security.
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The bloc is led by principles of sovereign equality, strategic cooperation, inclusiveness and, most importantly, multilateralism, he stressed.
"Ethiopia already maintains strong relationships with several BRICS countries, having developed significant import-export ties with Russia, China and India. Similarly, Ethiopia and the UAE enjoy thriving trade exchanges. Additionally, South Africa hosts a sizable Ethiopian diaspora, adding further dimension to these bilateral connections," Terekhin added.
Ethiopia's contribution to the safeguarding of peace and security has been highlighted at the summit; he pointed out, and added "more willingness has been shown on the part of countries at the summit to cooperate with Ethiopia in this sphere."
In a unipolar world, powerful nations dictate terms without alternative organizations to balance influence, he said, and hastened to say "BRICS offers a promising avenue for loans and assistance essential to Ethiopia's aspirations for prosperity."
"BRICS stands out as a formidable coalition with a growing population, dynamic economies, and increasing security capabilities. Ethiopia, given its population size, economic potential, and geopolitical significance, stands to benefit immensely from BRICS membership," he elaborated.
Inclusion of the new members, Ethiopia, Iran, Egypt, Saudi Arabia, and the UAE, expanded BRICS's influence thereby bringing together countries representing approximately 41percent of the global population and 24 percent of the global GDP, enhancing the bloc's political and economic clout.
