Russian Ambassador highlights BRICS as a unique opportunity for Ethiopia to strengthen economic, political relations with member states

Addis Ababa, November 5, 2024 (FBC) – The Russian Embassy in Addis Ababa briefed the media on the outcomes of the 16th BRICS Summit in Kazan and expected results from the implementation of the Kazan declaration in terms of cementing social, economic, political cooperation among member countries.

In his remarks at the briefing session, Ambassador of Russia to Ethiopia, Evgeny Terekhin, noted that the 16th BRICS Summit, held from October 22 to 24, 2024, in Kazan, Russia, brought about significant relevance in the current geopolitical landscape, serving as a crucial platform for emerging economies to assert their influence in a rapidly changing world.

The Ambassador said the summit underscored the importance of multilateral cooperation for global development and security. Leaders emphasized that “all states should act consistently with the purposes and principles of the UN Charter” to foster a fairer international order.  “This commitment aims to address challenges like unilateral sanctions and promote sustainable development across BRICS nations,” he noted

“During the Summit, the BRICS leaders have reaffirmed their commitment to strengthening financial cooperation and expanding the use of local currencies to enhance economic stability and drive development, as well as to reducing vulnerabilities and mitigating the impact of external economic shocks on emerging and developing economies.”

“The summit welcomed the inclusion of the African Union in the G20. Also culture recognized as a catalyst for achieving Sustainable Development Goals (SDGs). This acknowledgement highlights BRICS’s commitment to fostering cultural exchange and cooperation among diverse nations,” he pointed out.

Leaders discussed strategies to amplify the “Voice of the Global South,” ensuring that developing nations have a significant role in global governance, he remarked.

“The expansion of BRICS is pivotal as it brings together countries representing approximately 41% of the global population and 24% of the global GDP, enhancing the bloc’s political and economic clout,” the Ambassador said.

The summit welcomed initiatives like the BRICS grain Exchange, aimed at improving food security through enhanced trade in agricultural commodities, he said adding, “This platform is expected to facilitate better cooperation among member states in addressing food supply challenges.”

“Cooperation in digital health and traditional medicine was highlighted as vital for improving public health outcomes. This initiative is crucial for ensuring equitable access to vaccines, particularly in light of global health challenges,” he said.

“Leaders also emphasized strengthening cultural ties and humanitarian initiatives among member states. This focus aims to foster deeper connections through educational exchanges and collaborative projects that address social challenges within BRICS nations.”

The Ambassador underlined that the 16th BRICS Summit served as a crucial platform for emerging economies to assert their influence in a rapidly changing world. By prioritizing multilateralism, economic cooperation, and security collaboration, BRICS aims to reshape global governance structures while promoting equitable development for its member states.

“The summit initiated discussions on establishing alternatives to existing financial Systems dominated by Western Powers. Proposals included a cross-border payment system and enhanced roles for the New Development Bank (NDB), aiming to provide member countries with greater financial autonomy and resilience against external shocks.”

“The leaders also stressed the urgent need to reform the global financial system to make it more inclusive and equitable,” according to the Ambassador.

“I believe that Ethiopia’s entry into BRICS represents a hopeful new era for the nation on the international stage, promising benefits politically and economically,” the Ambassador pointed out.

“Unlike other international organizations, BRICS operates as a multilateral platform with flexible and open-minded opportunities for all members. BRICS’ convention allows each member state an equal voice in decision-making, addressing shortcomings of prior organizations.”

“Ethiopia, given its population size, economic potential and geopolitical significance stands to benefit immensely from BRICS membership,” the Ambassador said.

He added BRICS offers a promising avenue for loans and assistance essential to Ethiopia’s aspiration for prosperity.

“Ethiopia con now import advanced technologies while exporting agricultural products, minerals, and mere. With an open economy primed for foreign direct investment (FDI), Ethiopia is well-positioned to benefit from BRICS membership. Its rich farmlands, extensive mineral resources, renewable energy potential, and a burgeoning tech sector all contribute to an optimistic outlook in the BRICS framework,” he noted.

“Ethiopia already maintains strong relationships with several BRICS counties, having developed significant import-export ties with Russia, China and India. Similarly, Ethiopia and the UAE enjoy thriving trade exchanges. Additionally, South Africa hosts a sizable Ethiopia diaspora, adding further dimension to these bilateral connections,” Ambassador Evgeny said.

“For Ethiopia, BRICS offers a unique opportunity. With a large, productive Population, a strong legacy of international participation, strategic geographic advantages, and emerging economic diversity, Ethiopia is poised to be a primary beneficiary within the BRICS blocs,” the Ambassador added.

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