Ethiopia has submitted its bid to join the BRICS bloc of emerging markets, which comprises Brazil, Russia, India, China and South Africa.
“Taking into account the shifting international situation and shift in [international] forces, Ethiopia will work to become members of other international bodies including BRICS so as to safeguard our national interest," Meles Alem, the spokesperson of the foreign affairs ministry, told journalists in the capital Addis Ababa on Thursday.
Currently, the BRICS nations represent about 42% of the world population, 23% of global GDP and occupy 30% of the global territory.
Ethiopia’s addition to BRICS would boost the bloc’s influence and international bargaining power, as the African nation adds a market of 120 million people, which is the second-largest on the continent.
Large economy
As of 2022, the BRICS bloc had a combined GDP of over $26.03 trillion, which is slightly more than that of the United States.
BRICS is scheduled to hold its summit this year between August 22 and 24 in Johannesburg, South Africa.
The term BRIC was coined by Goldman Sachs and economist Jim O’Neil in 2001 to describe the rise of Brazil, Russia, India and China.
The inaugural BRICS summit was held in Russia in 2009, a year before South Africa joined.
