Addis Ababa, October 24, 2024 (FBC) – In his remarks at the BRICS+ format meeting in Kazan, Russia, State Minister for Foreign Affairs, Ambassador Mesganu Arga, stated that the deliberation with emerging economies and developing countries allows us to reflect on ways to enhance South -South cooperation and exchange of views on how to advance our shared objectives and visions to accelerate development in our countries and advance measures to reform global governance.
He stressed the need to exert efforts to achieve sustainable development goals by mobilizing development finance and elevating the heavy debt burden on our economies.
Predictable, transparent, and expedited debt restructuring remains achievable and will contribute to sustainable development, access to critical concessional finance and facilitates necessary economic reform, he explained.
According to Ambassador Mesganu, the influence of emerging markets and developing countries in global affairs is growing. “It is therefore incumbent on us to strengthen our solidarity and partnership to speak in common voice and leverage the process of global governance reform.”
“Ethiopia believes that the reform of the multilateral economic and financial institutions should be at the top of the priorities of our cooperation. We must work hand in hand toward democratizing the decision -making process by expanding the representation of the global south, particularly Africa, in the governance of the global economic institution.”
“We should also work toward reviewing the quota system to reflect the current economic status of developing member countries. The Global South should strive to capture the momentum for change to drive action toward new financing facilities for development. Cooperation among countries of the Global South has the potential to increase the productivity capacity of developing countries.”
“We must, therefore, work hard to increase trade, flow of investment, development, finance, and tourism. The market opportunities that come with significant population size, rapid growth in connectivity and technological advancement make the Intra -Global South an engine of global trade,” he noted.
Extending tariff and quota -free market access to early decisions will be essential for the expansion of trading opportunities, Ambassador Mesganu remarked.
“Ethiopia believes that South -South cooperation has the potential to make meaningful contribution to addressing global challenge of maintenance of peace and security, elevation of poverty, promoting development, and mitigating the effects of climate change.”
Ambassador Mesganu further reiterated Ethiopia’s commitment to the consolidation of BRICS engagement with emerging markets and developing countries based on equality, solidarity, and mutual respect.