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The BRICS memberships of Saudi Arabia, Egypt, the United Arab Emirates, Iran and Ethiopia officially took effect on Monday.
The countries were invited to join the group in August 2023 after the 15th BRICS Summit in Johannesburg, South Africa.
Originally comprising Brazil, Russia, India, China, and South Africa, BRICS, an important platform for cooperation among emerging markets and developing countries, has received numerous membership requests in recent years.
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Addis Ababa January 1/2024 (ENA)Today, Ethiopia along with the other four new
member countries, officially joined the BRICS, the emerging-markets
bloc of Brazil, Russia, India, China and South Africa.According to a statement issued by the BRICS today that Ethiopia, Egypt, Iran, Saudi Arabia and United Arab Emirates (UAE) have officially joined the
bloc.
In his statement following the decision, Prime Minister Abiy said Ethiopia’s endorsement to join the BRICS bloc will contribute a lot in realizing the South-South cooperation.
BRICS controls about 40 percent of the world population and an equivalent amount of the economy as the countries now have higher economic values than G-7.
Ethiopia’s membership in the BRICS group is expected to bring significant benefits for its economic development, regional integration, and international cooperation.
The membership will have a lot of impact in terms of international trade and the main agenda is to transform the multi-lateral system into some kind of an equitable system where countries will deal with each other on a sovereign basis.
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Rose Rambles... 