Ethiopia Officially Joins BRICS Along With Four Other New Member States

January 1, 2024, marks a significant milestone as Ethiopia, along with four other nations, officially became members of the BRICS group, joining the existing members Brazil, Russia, India, China, and South Africa. This expansion was announced in a statement from BRICS, confirming the addition of Ethiopia, Egypt, Iran, Saudi Arabia, and the United Arab Emirates (UAE) to the bloc.

Ethiopia’s journey towards BRICS membership gained momentum in August 2023, with its bid receiving endorsement at the 15th BRICS Summit in Johannesburg, South Africa. Prime Minister Abiy of Ethiopia has expressed optimism about this development, emphasizing its potential to enhance South-South cooperation.

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The BRICS bloc, representing about 40% of the global population, holds a significant portion of the world’s economic power, rivalling that of the G-7 nations. Ethiopia’s inclusion in BRICS is poised to boost its economic growth, enhance its role in regional and global affairs, and create new avenues for international trade and diplomacy.

The overarching goal of the expanded BRICS is to reform the multilateral system into a more equitable framework, promoting sovereign equality among nations. As a group of high-producing and rapidly developing economies, BRICS aims to further advance multilateralism and address global economic challenges.

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Originally established in 2010 with the inclusion of South Africa into the then BRIC group, BRICS has evolved into an influential intergovernmental organization. With the latest expansion, the group now comprises ten member countries, signalling a new era of diversified economic cooperation and geopolitical influence.