The BRICS group of rising economies has received official expressions of interest from Ethiopia, according to its ministry of foreign affairs.

Meles Alem, a spokesman for the foreign ministry, stated that “we have applied for membership and we expect BRICS to give us a positive response to the request we have made.”

“It is important to join groups like BRICS as a country that has been a founding member of international organizations like the AU and the UN and as we seek to guarantee our national interests.”

The New Development Bank, often known as the BRICS Bank, was approved by Egypt’s Parliament in March 2023 after MPs saw it as a way to wean the nation off of the US dollar.

Ethiopia, which has the second-largest population in Africa, is one of the continent’s economy that is quickly growing, according to the International Monetary Fund (IMF).

Brazil, Russia, India, China, and South Africa are together known as BRICS. In 2001, the Chief Economist of Goldman Sachs used it to refer to the global emerging economies. Initially known as BRIC, the “S” was eventually added when South Africa formally joined the group in 2010.

Recent financial reports indicate that the BRICS are currently the largest GDP bloc in the world, contributing 31.5% of the global GDP, ahead of the G7, which makes up 30.7%.

Following the ongoing geopolitical conflict that resulted from the conflict between Russia and Ukraine, the organization has seen a resurgence as Russia and China make moves to remove themselves from western control structures, including the U.S. dollar, which is a significant factor in global trade and hegemony.

A number of nations, both in Africa and beyond, have expressed interest in joining the group, including:

• Egypt
• Algeria
• Bangladesh
• Argentina
• Iran
• Indonesia
• Saudi Arabia
• Turkey

The BRICS alliance’s present members are developing a new currency; more information will be revealed during a summit meeting to be held in South Africa in August 2023.