Ethiopia has expressed its interest in joining the BRICS bloc of emerging markets, which currently consists of Brazil, Russia, India, China, and South Africa. The request was made by the Ethiopian foreign ministry, and they hope to receive a positive response from BRICS regarding their application.
The BRICS term was initially coined by economist Jim O’Neill of Goldman Sachs in 2001 to represent the rise of Brazil, Russia, India, and China as major emerging economies. South Africa joined the group in 2010. The BRICS countries collectively account for over 40% of the world’s population and approximately 26% of the global economy.
Ethiopia, despite having the second-largest population in Africa, currently ranks 59th in the world in terms of its economy according to the International Monetary Fund (IMF). Its economy is less than half the size of the smallest BRICS member, South Africa.
While Ethiopia seeks to strengthen its ties with the BRICS nations, it also emphasizes its commitment to collaborating with international institutions that can safeguard its interests. The hosting of the next BRICS summit is scheduled to take place in South Africa in August, with no indication of any change in location due to speculation surrounding the involvement of Russian President Vladimir Putin and war crimes accusations.