For months now, Ethiopia has officially become the newest member of the BRICS group of nations, comprising Brazil, Russia, India, China, and South Africa among other new members.
According to Gedion, this historic achievement is set to unlock a myriad of advantages for Ethiopia, particularly in facilitating its import and export activities without the constant reliance on some foreign currency, a longstanding challenge for the country.
One of the primary advantages of BRICS membership is the establishment of the New Development Bank, the idea of using local currencies for trade with the group of countries in this bloc.
This could help Ethiopia in terms of diversifying currencies for its export and also import trade endeavors, Gedion explained.
He further stated that it is beneficial for Ethiopia as it could give the ability to conduct trade and transactions using non-dollar currencies, Gedion said, adding that will greatly ease the financial constraints the country has faced for years. For the advisor, the move opens up new avenues for growth and collaboration.
Gedion highlighted that Ethiopia’s membership in BRICS is a testament to its growing global influence and importance.
“Being accepted as a BRICS member is a remarkable achievement that underscores Ethiopia’s standing as a key player in global economics and diplomacy. This will strengthen Ethiopia’s negotiating power and allow it to forge closer ties with other emerging economies, to the benefit of its people,” he revealed.
Furthermore, Gedion emphasized the opportunity for Ethiopia to learn from the development experiences of other BRICS members, particularly China. “China managed to lift over 700 million people out of poverty in less than 30 years. This can be, I think, a good lesson for African countries,” he said.
‘‘I think, so many benefits as members of the BRICS country. As you know, collaboration between these countries is enhancing trade, as well as investment and development assistance. Coming from BRICS countries to BRICS countries will be a priority than other countries.”
Gedion also highlighted the significance of the partnership between Ethiopia and China, noting that it has been growing ever stronger. “We can learn a lot from China, as well as soft infrastructure like education, health, and other sectors of the economy,” he stated.
As Ethiopia embarks on this new chapter as a BRICS member, the country is poised to reap significant rewards that will strengthen its economy, enhance its global influence, and improve the lives of its citizens.
Moreover, Ethiopia’s membership in this emerging bloc is being considered as a historic development that marks a crucial step in the East African nation’s journey towards sustainable development and prosperity.
