As most of the world starts a new year on Monday 1 January 2024 Ethiopia is set to achieve a diplomatic milestone by officially joining a group of emerging countries simply known -until now- as BRICS.
The group’s history began in the early 2000s when bankers coined an acronym BRIC representing four countries- Brazil, Russia, India and China for an investment fund. The leaders of the countries met for the first time in 2009. A few years later South Africa became the first African nation to join the alliance prompting a name change. BRIC became BRICS. I
In August the group decided to expand even further by welcoming six new countries- including Ethiopia. Argentina, Egypt, Iran, Saudi Arabia and the United Arab Emirates were the other countries invited as the group aimed to increase its clout. A newly elected president in Argentina, Javier Milei decided to decline the invitation.
The expanded group will account for nearly half of the world’s population while its combined economy will be worth about 28 % of the global economy. BRICS countries have long complained that a greater representation is needed for emerging economies, commonly called the Global South, as powerful financial institutions like the World Bank are dominated by the west. But critics say BRICS can be a tool for China, the largest economy in the grow to assert its ever-growing influence.
BRICS, or it might now be known as BRICS+, holds an annual meeting and each country assumes presidency in turn.
It’s remains to be seen how much benefit Ethiopia will manage to obtain from its membership as it continues to struggle economically; but the authorities have undoubtedly portrayed it as a diplomatic victory.
