Renowned Economist Hails Ethiopia’s Accession to the BRICS Strategic.

1 Mon Ago
Renowned Economist Hails Ethiopia’s Accession to the BRICS Strategic.

By Tigist Sernesa

A Columbia University Professor says Ethiopia's joining of the BRICS is instrumental to help the country strengthen its international relations and economic development efforts.

BRICS is an intergovernmental organization established in 2006 by Brazil, Russia, India, China, and South Africa.

And this year, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates have also been officially joined this giant global bloc.

The professor, Jeffrey Sachs, stated that the objective of this group is very important in creating genuine multilateralism and shared development.

Sachs, who talked to EBC World on the margins of the AU Summit that ended on Monday, also reiterated that in relation to AfCFTA that African unity and single market is very strategic for Africa.

He further underscored that accelerating the AfCFTA pretty much depends on regulatory environment and also the adequacy of physical infrastructure.

The World Bank estimates that the AfCFTA will increase Africa's income by $450 billion by 2035 and increase intra-African exports by more than 81 per cent.//

 


Feedback
Top