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BRICS Has Potential to Challenge Current 'Archaic' Global Financial Architecture: Ethiopian Diplomat
BRICS Has Potential to Challenge Current 'Archaic' Global Financial Architecture: Ethiopian Diplomat
Sputnik Africa
Ethiopia, along with Egypt, Saudi Arabia, the United Arab Emirates, and Iran, joined BRICS in January 2024 after their applications were approved at the BRICS... 15.07.2024, Sputnik Africa
2024-07-15T19:09+0200
2024-07-15T19:09+0200
2024-07-15T19:15+0200
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BRICS has the potential to challenge the current "archaic" global financial architecture, Ethiopian Foreign Ministry Spokesperson Nebiyu Tedla told Sputnik Africa in an interview.Speaking on the benefits of BRICS membership for African countries, including Ethiopia, which joined the bloc in January, Tedla emphasized that engagement with BRICS should focus on advancing African countries' own development agendas.The ambassador also voiced support for the growing trend, championed by BRICS, of using national currencies for trade, citing its potential to protect countries from external economic pressures.Regarding Ethiopia's strategic role in regional development, the diplomat highlighted the country's potential to become a key transit hub for North-South transport corridors, pointing to the planned highway connecting Ethiopia and South Sudan.He also emphasized the potential contributions of BRICS nations in this endeavor. "BRICS nations possess, we believe, advanced technologies and expertise. They can share their best practices by providing technical assistance and transferring knowledge to support the development of efficient and sustainable transport corridors in the region."Global Peace and SecurityEthiopia, a prominent player in regional peacekeeping efforts, is looking to BRICS nations for support in achieving its security goals and advocating for a more equitable global order, Tedla told Sputnik Africa.The official highlighted Ethiopia's crucial role in maintaining stability in the Horn of Africa. He acknowledged the challenges faced by African countries in securing sustainable and predictable financing for these efforts, particularly from the UN.Tedla recounted Ethiopia's efforts to secure UN funding for African peacekeeping missions, including tabling a resolution at the UN Security Council in 2017, which unfortunately did not pass. He noted, however, that the African members of the UNSC subsequently proposed a revised version of the resolution.The diplomat also expressed the need for UN reform to better reflect the multipolar reality of today's world and ensure greater representation of African interests."It is up to the member countries to update the only avenue where all the global nations can sit and discuss their issues. So it is up to us to reform the United Nations," he concluded.Africa's Food SecurityAfrica could learn valuable lessons from Russia's experience in addressing food security challenges, the Ethiopian official said.Tedla emphasized the value of Russia's experience in tackling food insecurity, particularly its policies on farming, public-private partnerships, and targeted support for smallholder farmers – a crucial segment of Africa's agricultural workforce.The diplomat also acknowledged the potential for collaboration in areas such as joint ventures, contract farming, and infrastructure development, which could boost agricultural production and strengthen food security across the continent, including in Ethiopia.Beyond food security, the ambassador highlighted the growing interest from Russian companies in investing in Ethiopia's mining sector.He further acknowledged the historical ties between Ethiopia and the former Soviet Union, citing the Abobo Dam as an example of successful cooperation. "We foresee similar projects in the future and Russian investment and collaboration are always appreciated."
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BRICS Has Potential to Challenge Current 'Archaic' Global Financial Architecture: Ethiopian Diplomat
19:09 15.07.2024 (Updated: 19:15 15.07.2024) Muhammad Nooh Osman
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Ethiopia, along with Egypt, Saudi Arabia, the United Arab Emirates, and Iran, joined BRICS in January 2024 after their applications were approved at the BRICS leaders' summit in South Africa in August 2023.
BRICS has the potential to challenge the current "archaic" global financial architecture, Ethiopian Foreign Ministry Spokesperson Nebiyu Tedla told Sputnik Africa in an interview.
Speaking on the benefits of BRICS membership for African countries, including Ethiopia, which joined the bloc in January, Tedla emphasized that
engagement with BRICS should focus on advancing African countries' own development agendas.
"It is crucial for the African countries to ensure that any engagement with BRICS is aligned with their long-term economic and development objectives and that it does not lead to unsubstantial debt burdens or any other compromise that we used to see in the past," he told Sputnik Africa.
The ambassador also voiced support for the growing trend, championed by BRICS, of using national currencies for trade, citing its potential to protect countries from external economic pressures.
"Using national currencies for trade can help shield countries from external economic pressures, such as sanctions or restrictions on access to foreign currencies," Tedla stated.
Regarding Ethiopia's strategic role in regional development, the diplomat highlighted the country's potential to become a key transit hub for North-South transport corridors, pointing to the planned highway connecting Ethiopia and South Sudan.
He also emphasized the
potential contributions of BRICS nations in this endeavor. "BRICS nations possess, we believe, advanced technologies and expertise. They can share their best practices by providing technical assistance and transferring knowledge to support the development of efficient and sustainable transport corridors in the region."
Global Peace and Security
Ethiopia, a
prominent player in regional peacekeeping efforts, is looking to BRICS nations for support in achieving its security goals and advocating for a more equitable global order, Tedla told
Sputnik Africa.
The official highlighted Ethiopia's crucial role in maintaining stability in the Horn of Africa. He acknowledged the challenges faced by African countries in securing sustainable and predictable financing for these efforts, particularly from the UN.
"Financing of international peacekeeping efforts is not getting sustainable and predictable financing from the United Nations," he stated.
Tedla recounted Ethiopia's efforts to secure UN funding for African peacekeeping missions, including tabling a resolution at the UN Security Council in 2017, which unfortunately did not pass. He noted, however, that the African members of the UNSC subsequently proposed a revised version of the resolution.
"Hence, this is where BRICS come in," he said. "BRICS can play an alternative source in ensuring international peace and security… So strengthening cooperation between Ethiopia and BRICS partners could help mobilize additional resources, expertise, political support for such activities, and collaborative efforts in conflict resolution initiatives."
The diplomat also expressed the need for UN reform to better reflect the multipolar reality of today's world and ensure greater representation of African interests.
"It is up to the member countries to update the only avenue where all the global nations can sit and discuss their issues. So it is up to us to reform the United Nations," he concluded.
Africa could learn valuable lessons from Russia's experience in addressing food security challenges, the Ethiopian official said.
Tedla emphasized the value of Russia's experience in tackling food insecurity, particularly its policies on farming, public-private partnerships, and targeted support for smallholder farmers – a crucial segment of Africa's agricultural workforce.
"Insights from the Russian Federation, from the Russian experience in policy design with regard to farming and fighting food insecurity ... This could inform similar initiatives in African countries," he said.
The diplomat also acknowledged the potential for collaboration in areas such as joint ventures, contract farming, and infrastructure development, which could boost agricultural production and strengthen food security across the continent, including in Ethiopia.
Beyond food security, the ambassador highlighted the growing interest from Russian companies in investing in Ethiopia's mining sector.
"Presenting an opportunity for foreign investments to bring in expertise, including from Russia, and technology to help unlock the country's mining potential is open and is available," he explained.
He further acknowledged the historical ties between Ethiopia and the former Soviet Union, citing the Abobo Dam as an example of successful cooperation. "We foresee similar projects in the future and Russian investment and collaboration are always appreciated."
