Russia's Ambassador to Ethiopia, Evgeny Terekhin said that if Ethiopia is admitted to the BRICS, the block to which the country has made request to join, this would be "a great thing" for both Ethiopia and Russia as it would open new markets and opportunities for trade and investment.
The emerging-markets bloc of Brazil, Russia, India, China and South Africa (BRICS) will meet in Cape Town next month to discuss possible enlargement.
"I believe during the coming summit of BRICS leaders in South Africa in August this year due attention will be given to the expansion of BRICS to ensure the admission of new members,"the ambassador said.
Ambassador Terekhin noted that the role of BRICS in the global economy is increasing.
"About 41 percent of the world population is now living in BRICS countries, and the amount of production in BRICS countries has reached 37 percent of world production."
According to him, Ethiopia's membership would further strengthen ties between Russia and Africa.
"The foundation of Russian-African relationships and friendships has been tested with time," he said, stressing that "the current geopolitical situation demands and requires certain correction of the mechanisms of our interactions."
The ambassador pointed out that Russia and Ethiopia and Africa should work on ways to make payments in national currencies to reduce the cost of trade between the two countries.
"We have our own currencies, Russian Ruble, and you have Ethiopian Birr. Why should we use intermediate currencies to conduct trade between us?" he asked. "Why should we pay interest for third parties for the use of printed papers? We can use our own currencies without losing money or resources."
If Ethiopia is accepted to join BRICS, it would give her access to a new market of over 3 billion people.
Recall that the Ministry of Foreign Affairs recently disclosed that Ethiopia has applied for membership to the BRICS and looks forward to a positive response.
Source: Ethiopian News Agency