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Society

Mulatu Teshome: Ethiopia would benefit from formal BRICS membership

According to the former Ethiopian president, the move will lead to increased investment and be a source of trade expansion

Ethiopia will benefit immensely from formally joining the BRICS co-operation mechanism as the move will lead to increased investment and be a source of increased trade and economic exchanges, according to former Ethiopian President Mulatu Teshome. This is reported by CCTV+, a partner of TV BRICS.

At the 15th BRICS summit held in South Africa in August, Ethiopia, as well as Argentina, Egypt, Iran, Saudi Arabia, Iran, Saudi Arabia and the United Arab Emirates (UAE) were invited to join BRICS, marking a historic expansion of the group, which now consists of the world's five largest emerging economies Brazil, Russia, India, China and South Africa.

It is the first expansion since South Africa joined the group in 2010. The six countries' membership is due to take effect on 1 January 2024.

In an exclusive interview with China Media Group (CMG) in the southern Chinese city of Guangzhou, Teshome said the upcoming inclusion of Ethiopia, a major developing country in East Africa, in the global co-operation mechanism is expected to strengthen its position in Africa and on the world stage.

"Ethiopia is very grateful to be admitted as a member of BRICS. The country will be able to benefit from the corporation it will have with China, with India, with Russia, with Brazil, with South Africa. First of all, [we can work together] to help each other in terms of investment. That can be a source to increase trade and also to support each other technically or scientifically. So Ethiopia will definitely benefit from this and it will also enhance the state's position in Africa and the world," he said.

In its 17 years of existence, BRICS has achieved fruitful cooperation in economic, political and cultural spheres and continues to thrive in the spirit of openness, inclusiveness and mutually beneficial co-operation.

According to the World Bank's economic statistics, the combined gross domestic product (GDP) of the BRICS countries will account for about 29 per cent of the world GDP after expansion.

Photo: IStock

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