Ethiopia Applies to Join BRICS

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Facts

  • Ethiopia's foreign ministry announced Thursday that it has asked to join BRICS, a bloc of emerging markets composed of Brazil, India, China, Russia, and South Africa.1
  • A spokesperson for the ministry said they expect a 'positive response' from BRICS, adding the country will work with international bodies that can protect their interests.2
  • The term 'BRIC' originated from a Goldman Sachs economist for the world's most promising emerging markets, with the countries later formalizing ties and relations with each other under the BRICS alias, holding their first summit in 2009, with the addition of South Africa in 2010.3
  • If admitted, Ethiopia would be the smallest economy in BRICS, worth less than half that of the least wealthy BRICS nation, South Africa. Countries that include Saudi Arabia, Turkey, Argentina, and Indonesia have expressed interest in joining the group.4
  • BRICS currently accounts for 40% of the world's population and 26% of the global economy. Trade between Ethiopia and the BRICS nations has increased drastically in recent years, driven mostly by India and China.1
  • BRICS, seen by many as a counterweight to Western institutions, is set to have its annual summit in South Africa in August. Last year, Argentina said it gained formal approval from China to join the group.5

Sources: 1Al Jazeera, 2Reuters, 3CNN, 4The east african and 5Addis standard.

Narratives

  • Establishment-critical narrative, as provided by Unherd. The West is losing its grip on the developing world as BRICS begins to expand its influence. Led by Russia, India, and China, economic and diplomatic avenues outside of the purview of the West are being opened and expanded, free from meddling. The news that Ethiopia is likely to become a member bodes well for the prospects of BRICS as it grows more powerful with each passing day.
  • Pro-establishment narrative, as provided by The globe and mail. Much noise has been made about the expansion of BRICS, but the reality is that it poses little risk of upending the world order. Any bloc that makes overtures of unity that counts India and China, fierce regional rivals, as members are fooling nobody. There is little in common between the BRICS countries other than a mutual distrust of the US, which will likely fail to overcome the myriad of competing interests between the member states.