Ethiopia, one of Africa’s fastest-growing economies, has asked membership in the BRICS bloc of emerging markets, according to the foreign ministry on Thursday.
Goldman Sachs economist Jim O’Neill coined the phrase BRIC in 2001 to describe the rise of Brazil, Russia, India, and China.
“We expect BRICS to respond positively to our request,” foreign ministry spokesman Meles Alem told media, according to Reuters.
Ethiopia will continue to collaborate with international institutions that can protect its interests.
The Horn of Africa country boasts the second-largest population in Africa, yet its economy is only ranked 59th in the world by the International Monetary Fund (IMF) and is less than half the size of South Africa, the smallest BRICS member.
Argentina, the world’s 23rd-largest economy, said last year that it received China’s formal support to join the group, which has been viewed as a powerful emerging-market alternative to the West.
South Africa announced on Thursday that the next summit will take place in August as planned, despite rumors that it may be shifted to a site where Russia’s President Vladimir Putin would not be obliged to be arrested on war crimes accusations.
The BRICS countries account for more than 40% of the global population and around 26% of global GDP.
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