BRICS Membership Will Boost Ethiopia’s Export, Says Trade and Regional Integration State Minister

The BRICS group will certainly advance Ethiopia’s export trade exchange, according to Trade and Regional Integration State Minister Kassahun Gofe.

Ministry of Trade and Regional Integration discussed today Ethiopia’s Export Development and Promotion Draft Strategy awaiting approval with exporters.

During the discussion, the state minister said a strategy which is expected to make the country exploit its growing economy and meet the need for a clear export strategy has been prepared.

He revealed that export trade contributed only 8.2 percent to the country’s 127-billion USD GDP in 2022.

Kassahun expects the strategy to be approved this Ethiopian Fiscal Year and is hopeful that the endorsement of Ethiopia to BRICS would advance its export trade.

“Besides the bilateral trade agreements, Ethiopia’s joining BRICS — a group with big economies registering trillions of USD in GDP— will certainly expand its export market destinations and enhance our export,” the state minister noted.

BRICS member countries are expected to engage in business diplomacy, which scales up trade exchanges and Foreign Direct Investment.

Moreover, he pointed out that Ethiopia is also working to implement trade under the African Continental Free Trade Area.

Ethiopia will strengthen trade relations with various countries in order to promote trade exchange and maximize economic benefits.

Source: Ethiopian News Agency