BRICS membership solidifies Ethiopia’s bargaining power globally, suggested an international development advisor.
The advisor, Gedion Jalata of the United Nations Development Program (UNDP), noted that Ethiopia’s BRICS membership will strengthen its negotiating power and allow it to forge closer ties with other emerging economies to the benefit of its people. “Being accepted as a BRICS member is a remarkable achievement that underscores Ethiopia's standing as a key player in global economics and diplomacy.,” he told ENA.
Ethiopia could successfully capitalize on BRICS membership to drive economic growth and development, he said.
The new move would unlock a myriad of advantages for Ethiopia particularly, in facilitating its import and export activities without the constant reliance on some foreign currency, a longstanding challenge for the country, he said.
One of the primary advantages of BRICS membership is the establishment of the New Development Bank, the idea of using local currencies for trade with the group of countries in this bloc.
This could help Ethiopia in terms of diversifying currencies for its export and also import trade endeavors, Gedion explained.
He further stated that it is beneficial for Ethiopia as it could give the ability to conduct trade and transactions using non-dollar currencies, Gedion said, adding that will greatly ease the financial constraints the country has faced for years.
For the advisor, the move opens up new avenues for growth and collaboration. "BRICS is opening the New Development Bank, which means it is coming up with a new currency. So this could help Ethiopia in terms of its export and also import’’
Gedion further elucidated the opportunity for Ethiopia to learn from the development experiences of other BRICS members, particularly China.
“China managed to lift over 700 million people out of poverty in less than 30 years. This can be, I think, a good lesson for African countries,” he said.
‘‘I think, so many benefits as members of the BRICS country. As you know, collaboration between these countries is enhancing trade, as well as investment and development assistance. Coming from BRICS countries to BRICS countries will be a priority than other countries.”