The membership of Ethiopia in BRICS will increase the political and economic standing of the country in the international arena, Senior Fellow Matthew Ehret told ENA.
The senior fellow at American University in Moscow noted that Ethiopia’s membership serves it as a major bedrock and carries major weight as the country is the seat of the African Union(AU) and is a pivotal hub for the pan-African reality.
According to him, Ethiopia has many interesting points of potential cooperation with countries in the expanding BRICS.
"I am thinking immediately of the 17-point agreement that was signed between the UAE, also a new member of the BRICS plus grouping, and Ethiopia very recently --- almost every point of economic, technological sharing, governance cooperation that are very important in counterterrorism activities as well as infrastructural and agricultural development. So you have many interesting points of potential."
In general, Ethiopia’s BRICS membership will enhance its economic and political influence in the global arena, he stated.
"This is going to increase Ethiopia's political and economic clout very much," the senior fellow stressed.
There is a new way of thinking about economic value, self-interest, and cooperation, which is embodied by the BRICS.
For Ehret, this new reality means that the New Development Bank could become a real alternative to the IMF and the World Bank.
He also believes that Ethiopia can leverage benefits from both the West and the BRICS group by devising and implementing competent, successful and mature policy.
Noting that BRICS represents over 32 percent of the world GDP, the senior fellow said, “Now when you see the additional members that will be added at the beginning of next year, Ethiopia being a major bedrock, this is going to propel that to 37 percent of the world GDP.”
The membership of Ethiopia in BRICS is expected to further enhance and expand the existing bilateral relations and cooperation of Ethiopia with BRICS member countries.
"We are talking about something pushing on 50 percent of the world’s population to be represented by this new agency, and even much more people as well because when dealing with 11 BRICS members --- and also dealing with the regions with close economic cooperation and ties, and will feasibly be following soon as the BRICS could go from 11 to much greater number in a short order.”
The expanding BRICS is bringing mutually beneficial and sustainable alternative models for many countries, Ehret stressed.
Moreover, the senior fellow said that with strong relations developing between Ethiopia and the BRICS founding members and the new entrants, the country's position as the seat of the AU and a crucial hub for the Pan-African reality further bolsters its significance within the bloc.
Recall that Ethiopia, Saudi Arabia, UAE, Iran, Egypt, and Argentina were invited to join the BRICS last month.
Source: Ethiopian News Agency