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https://en.sputniknews.africa/20240715/brics-has-potential-to-challenge-current-archaic-global-financial-architecture-ethiopian-diplomat-1067516229.html
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
opinion
ethiopia
russia
brics
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brics expansion
brics summit 2024
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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."
https://en.sputniknews.africa/20240713/brics-needs-to-create-its-own-analogue-of-imf-russian-duma-vice-speaker-suggests-1067485759.html
https://en.sputniknews.africa/20240711/some-24-countries-in-line-to-join-brics-russian-upper-house-speaker-says-1067452397.html
https://en.sputniknews.africa/20240712/global-south-aims-to-develop-relations-with-russia-despite-pressure-from-west-kremlin-states-1067467945.html
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ethiopia, russia, brics, united nations (un), brics expansion, brics summit
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united nations security council (unsc), food security , development, africa
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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)
 * Global Peace and Security
 * Africa's Food Security

© Sputnik . Grigory Sysoev / Go to the mediabankForeign Ministers of Russia
Sergey Lavrov, Brazil Mauro Vieira, UAE Abdullah bin Zayed Al Nahyan, Ethiopia
Taye Atske Selassie and acting Foreign Minister of Iran Ali Bagheri Kani (from
left to right) during a joint photograph of participants at the meeting of BRICS
foreign ministers in Nizhny Novgorod.
© Sputnik . Grigory Sysoev
/
Go to the mediabank
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Longread
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.
Sub-Saharan Africa
BRICS Needs to Create its Own Analogue of IMF, Russian Duma Vice Speaker
Suggests
13 July, 11:09


"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.

Some 24 Countries in Line to Join BRICS, Russian Upper House Speaker Says
11 July, 10:26

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'S FOOD SECURITY

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.

Global South Aims to Develop Relations With Russia Despite Pressure From West,
Kremlin States
12 July, 10:05

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."
 * Opinion
 * Ethiopia
 * Russia
 * BRICS
 * United Nations (UN)
 * BRICS expansion
 * BRICS Summit 2024
 * peace
 * African Union Peace and Security Coucil
 * peacekeeping
 * security
 * United Nations Security Council (UNSC)
 * food security
 * development
 * Africa Insight
 * Africa in Details

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