It was announced that the Ethiopian government has submitted a request to join the group of countries called “BRICS” which was founded in the year 2001 and which was jointly founded by Brazil, Russia, India, China and South Africa.
According to the spokesperson of the Ministry of Foreign Affairs Meles Alem (Ambassador) in his weekly statement, he mentioned that Ethiopia is the founder of many international institutions and said that it is a country with strong participation in the United Nations, the African Union and independent countries.
Therefore, he said that the government will act as a member of international institutions that help ensure Ethiopia’s national interest in view of the changing world situation and power distribution. “One of these institutions is ‘BRICS’, a request has been made by the Ethiopian government, we think it will get a positive response, and we will monitor it,” said the spokesperson.
BRICS countries have contributed 50 percent to global economic growth over the past decade, making the group a leading influencer in global economic development, according to data.
For example, 17 percent of global trade is held by BRICS countries, and currently the total foreign exchange reserves of the countries are estimated to be 4 trillion dollars.
Some analysts believe that the economy of the BRICS countries in the year They predict it could be as big as the Group of 7 (the US, Japan, Germany, France, Britain, Canada and Italy) by 2027.
BRICS countries cover 30 percent of the world’s land area and are home to 45 percent of the world’s population.
For instance, the BRICS nations represent 17% of world trade, and their combined foreign exchange reserves are estimated to be $4 trillion at the moment.
Some forecasts predict that the economy of the BRICS nations will expand in the upcoming year. It might outgrow the Group of Seven nations (the US, Japan, Germany, France, Britain, Canada, and Italy) by 2027.
BRICS countries, which make up 30% of the world’s land area, are home to 45% of the world’s people.
BRICS is an acronym that started as BRIC in 2001, coined by Jim O’Neill (a Goldman Sachs economist) for Brazil, China, India, and Russia. Later in 2010, South Africa was added to become BRICS. Goldman Sachs claimed that the global economy will be dominated by the four BRIC economies by 2050. The main reason for such a claim was that China, India, Brazil, Russia, and South Africa were ranked among the world’s fastest-growing and emerging market economies for years. The main comparative advantage of this group is their low labour costs, favourable demographics, and abundant natural resources at the time of the global commodities boom.
The Goldman Sachs thesis didn’t claim that BRICS would become a political alliance or even a formal trading association. However, the report said that BRICS has the potential to form a powerful economic bloc.