BRICS invited five oil-producing countries Saudi Arabia, the UAE, Egypt, Iran, and Ethiopia to control the global oil market. However, BRICS inducted Ethiopia as their long-term goal is to promote de-dollarization initiative in Africa through the new member. Ethiopian Prime Minister Abiy Ahmed said that Ethiopia’s membership in BRICS is advantageous, as it promotes the South-South cooperation framework. The development comes at a time when reports suggest that African countries are on the sidelines of the de-dollarization initiative. Read here to know how Kenya is working on the BRICS idea of de-dollarization initiatives in Africa.

Source: Ethiopian News November 16, 2023 22:21 UTC