One of Africa's fastest-growing economies applies to join BRICS

Ethiopia, one of Africa's fastest growing economies, has applied to join the BRICS group of leading emerging economies, the Ethiopian Foreign Ministry said on June 29.

Ethiopia applies to join BRICS. (Source: Getty Images)

"We hope BRICS gives a positive response to the request we have made," Ethiopian Foreign Ministry spokesman Meles Alem said.

He stressed that Ethiopia will continue to cooperate with international organizations that can protect its interests.

The Horn of Africa country has the continent's second-largest population, but according to the International Monetary Fund (IMF), its economy is only the 59th largest in the world and is less than half the size of BRICS's smallest member, South Africa.

Last year, Argentina, the world's 23rd-largest economy, said it had received official support from China to join the bloc, seen as a powerful emerging market alternative to the West.

South Africa revealed on June 29 that it will hold the next summit in August as planned.

The term BRIC was coined by Goldman Sachs economist Jim O'Neill in 2001 to describe the rise of Brazil, Russia, India and China.

The BRIC powers held their first summit in 2009 in Russia. South Africa joined in 2010, creating the current BRICS bloc. BRICS countries account for more than 40% of the world's population and about 26% of the global economy.

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