Ethiopian embassy marks 55 years of diplomatic relations with China

The Ethiopian embassy in Beijing held an event on Thursday to mark the 55th anniversary of the establishment of diplomatic relations between Ethiopia and China.

Ambassadors from more than 60 countries attended the event.

In an interview with China Global Television Network (CGTN), Ethiopian Ambassador to China Tefera Derbew Yimam shared his views on China-Ethiopia relations and expressed the hope for further exchanges and cooperation between the two countries.

"Our bilateral relationship is deep-rooted and is based on mutual trust, respect and equality. The two countries have enjoyed their bilateral relationship over the past 55 years. Today, we are celebrating this strong, deep-rooted partnership so that we can use the existing solid foundation for further engagement, for further partnership," he said.

According to the Ethiopian Ministry of Foreign Affairs, the relationship between China and Ethiopia has evolved since the landmark visit by Ethiopian Emperor Haile Selassie to Beijing in 1971. Over the past more than five decades, relations between China and Ethiopia have been strengthened on the basis of the principles of equality, non-interference and mutual benefit.

"We can see how Ethiopia is taking off through its cooperation, very productive and fruitful cooperation with China. So, we are so proud of it as Africans, but as well as friends of China, so as diplomats and Dean of the African group," said Martin Mpana, Cameroonian Ambassador to China.

Siddharth Chatterjee, U.N. Resident Coordinator in China, said he visited Ethiopia's capital Addis Ababa about 20 years ago, gaining a firsthand understanding of the country's development. Speaking to the CGTN, he highlighted the relations between China and Ethiopia as a reflection of the broader relations between China and Africa.

"As a matter of fact, Ethiopia epitomizes the microcosm of the China Africa relationship. I have seen first-hand the kind of progress Ethiopia has made. And I went to Addis Ababa for the first time in 2001. I've seen the real effects of the Belt and Road Initiative, and how it's transformed the entire landscape in Ethiopia. So, in many ways, I welcome this sort of partnership that China has with Africa. As far as the United Nations is concerned, we want to see Africa progress," he said.

The U.S. Federal Reserve on Wednesday decided to lower the target range for the federal funds interest rate by 25 basis points to 3.5 to 3.75 percent, marking its third rate cut this year.

The latest move was widely anticipated, making it the third rate cut in a row since the Federal Open Market Committee monetary policy meeting in September.

"Uncertainty about the economic outlook remains elevated. The Committee is attentive to the risks to both sides of its dual mandate and judges that downside risks to employment rose in recent months," the Fed said in a statement.

The statement also noted moderate economic expansion, a higher unemployment rate, elevated inflation and more recent indicators consistent with those developments.