Egypt to Become BRICS’s ‘Window’ Into Middle East, North Africa – Trade Minister

The accession of Egypt to the group and the decision of the BRICS New Development Bank in December 2021 to admit Egypt into the ranks of its members confirm “the strength of economic and political ties” between Cairo and the group’s member states, Saleh added.

“Egypt is BRICS’s window into the region of the Middle East and North Africa, and its geographical location also provides it with the opportunity to play a more significant role in selling products of BRICS member states to the African continent,” the trade minister said.

Egypt applied to join the Brics group, because one of the initiatives that Brics is currently engaged in is the maximum transfer of trade to alternative currencies, whether national or the creation of some kind of joint currency,” Georgy Borisenko told Russian state news agency TASS on Wednesday.

“Egypt is very interested in this.”

He added that the two countries were planning new trade agreements and were looking at “new mechanisms for mutual settlements in these trade operations”.

Diplomats from the Brics countries – a group of the world’s emerging economies Brazil, Russia, India, China, and South Africa – had earlier this month suggested the bloc could be open to expansion.

In August 2023, the 15th top-level BRICS summit in Johannesburg extended invitations to Egypt, as well as Argentina, Ethiopia, Iran, the United Arab Emirates, and Saudi Arabia to join the bloc.

Their full membership took effect on January 1, 2024, except for Argentina, which abandoned its plans to join the group under the new president, Javier Milei.

Culled from NAN