According to the foreign ministry, Ethiopia, one of Africa’s rapidly growing economies, has expressed its interest in joining the BRICS bloc of emerging markets. The term BRIC was originally coined by Jim O’Neill, an economist at Goldman Sachs, in 2001 to describe the economic rise of Brazil, Russia, India, and China. The inaugural BRIC summit took place in Russia in 2009, and South Africa joined the group in 2010.

Foreign ministry spokesman Meles Alem stated that Ethiopia anticipates a positive response to its request from the BRICS nations. He also emphasized that Ethiopia would continue collaborating with international institutions that safeguard its interests, highlighting the country’s commitment to maintaining partnerships beyond the BRICS framework.

What is BRICS?

BRICS is an acronym that represents an association of five major emerging economies: Brazil, Russia, India, China, and South Africa. These countries, collectively known as BRICS, form an informal economic alliance aimed at enhancing their global influence and cooperation in various areas. The term BRICS was coined by Jim O’Neill, an economist at Goldman Sachs, in 2001 to describe the growing economic power of these nations.

BRICS brings together countries from different continents, each with significant regional and global influence. By joining forces, these nations seek to promote economic development, strengthen trade and investment ties, and enhance their collective voice in international forums. They often engage in high-level summits to discuss common challenges, explore opportunities for collaboration, and coordinate positions on global issues.

The BRICS countries represent a substantial portion of the world’s population and have considerable economic clout. Their combined economies contribute significantly to global growth and trade. Over the years, BRICS has expanded its focus beyond economics to encompass political, cultural, and social aspects of cooperation among its member nations.

Despite being the second-most populous country in Africa, Ethiopia’s economy currently ranks 59th in the world according to the International Monetary Fund. Its economic size is less than half that of South Africa, the smallest member of BRICS.

In recent times, Argentina, the 23rd-largest economy globally, received China’s formal support to join the BRICS group. This alliance is regarded as a robust alternative to Western-dominated emerging markets.

South Africa announced its plan to host the next BRICS summit in August, dismissing speculation that it might be relocated to avoid potential conflicts with Russian President Vladimir Putin, who faces war crimes accusations.

The BRICS countries, collectively representing over 40% of the world’s population, account for approximately 26% of the global economy.

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