BRICS Bloc Lays Path to Ethiopia’s Economic, Political Development: Scholar

July 20, 2023

ADDIS ABABA– If the membership application that Ethiopia submitted to join BRICS bloc gets approval, it would enhance country’s economic and political development in the global arena, so remarked Lecturer Samuel Tefera (PhD).

Addis Ababa University’s Center for African and Asian Studies Lecturer Samuel Tefera (PhD) told the Ethiopian Press Agency (EPA) that since the BRICS economy accounts for 31.7 % of the world economy, joining the bloc would allow Ethiopia to ensure better political and economic benefits.

As to him, BRICS countries annual GDP hits over 30 trillion USD where around three billion of the global population resides in these countries.

Joining BRICS bloc would open doors for Ethiopia to join huge market system, he stated, highlighting that it would also bring about alternative political and economic system which is not dominated by some world powers only.

“BRICS, not only wants to use non-dollar currencies but also they want to create a world which is free of western dominance,” he underscored.

Cognizant of the fact that Ethiopia follows ‘peaceful coexistence’ diplomatic principle, membership would provide better diplomatic options for the country.

Reminding that China and Russia have provided unwavering support to Ethiopia during the conflict in the northern part of Ethiopia, he underlined that besides the political benefit, it would play a vital role in political area.

Through enhancing its power development capacity as well as ensuring peace, the country could attract more investments.Thus, the membership could permit China, Russia and India investors to become more interested to invest in Africa and the Foreign Direct Investment (FDI) will flourish, he stressed.

Moreover, the fact that Ethiopia is diplomatic hub and gateway to Africa coupled with its geopolitical situation as well as its huge population size would give the country a chance to be accepted by BRICS, he underlined.

BY BETELHEM BEDLU

The Ethiopian Herald July 20/2023