Addis Ababa: The bloc has also countries with large population and geography, and the addition of the five new member countries will even make it stronger, he added.
BRICS comprised Brazil, Russia, India, China, and South Africa. With the accession of Ethiopia, Egypt, Iran, Saudi Arabia and United Arab Emirates this month, the membership has doubled.
The bloc is bringing the global market system from the previous uni-polar to at least two options. It has huge ever-increasing share from economic perspective at the global level. In multilateral stage, these countries have provided various products to the global market.
Based on the countries modality and agreement as well as their large population, the bloc is expected to entertain huge trade transaction, the minister elaborated.
The bloc will increase the empowerment of Ethiopia with massive significance in terms of making the economy grow, increasing competency and ensuring the balance of competition globally as well as increasing the source of finance fr
om single source to two, he stated.
Gebremeskel said Ethiopia will definitely benefit from such a huge market with its industry products and agricultural products.
The recent seaport agreement with Somaliland and its membership in BRICS will enable Ethiopia to benefit a lot by exporting and importing goods at fair price to the member countries.
Regarding the preparation of the country to properly benefit from other trade blocs, the minister pointed out that as a member of the African Continental Free Trade Area (AfCFTA) Ethiopia has submitted tariff offers for goods and is in the process of joining World Trade Organization.
For the minister, the recent agreement with Somaliland to secure seaport will have great significance in shipping the nation’s products to member countries of the BRICS and to import good at fair prices from those countries.
The Memorandum of Understanding (MoU) for Partnership and Cooperation signed by Prime Minister Abiy Ahmed and President Muse Bihi Abdi in Addis Ababa on January 1
, 2024 includes wide scopes of cooperation in social, economic, political and military fields.
It gives Ethiopia the opportunity to obtain a permanent and reliable naval base and commercial maritime service in the Gulf of Aden through a lease arrangement, while Somaliland gets share from Ethiopian Airlines.
Source: Ethiopian News Agency
John Dramani Mahama Presidential candidate of the National Democratic Congress has announced plans to set up and personally chair an Accelerated Export Development Council to prepare Ghana to become an export-led economy.
This move comes alongside his 24-hour economy plan aimed at boosting economic growth and creating job opportunities for the country.
Mr Mahama who announced this during his 2024 New Year speech, outlined his vision for Ghana’s economic development.
He emphasised the importance of boosting export activities, particularly under the ECOWAS Trade Liberalisation Scheme and the African Continental Free Trade Agreement.
According to President Mahama, the council would promote and support the country’s export drive by implementing measures to improve the business environment for exporters and ensure their competitiveness in the global market.
In addition to the accelerated export development council, President Mahama outlined his plans to enhance security and public safety, which would require
significant recruitment into security services and private security operations.
‘This move aims to create a safe and secure environment for businesses to thrive and contribute to the 24-hour economy plan.
‘A Mahama government will also provide cheaper and more reliable electricity for businesses that participate in the 24-hour economy. This will be achieved by implementing a tariff system, where companies will benefit from modern smart meters that charge a lesser tariff for power consumed during off-peak hours.
President Mahama’s vision for a 24-hour economy and the establishment of an Accelerated Export Development Council reflects his commitment to driving economic growth and creating sustainable employment opportunities for the people of Ghana.
‘As the country prepares to take advantage of the opportunities presented by regional and continental trade agreements, these initiatives are expected to play a crucial role in positioning Ghana as a leading export-driven African economy.
Source: Ghana News Ag
ency