Egypt is eagerly preparing to join the BRICS block of emerging nations.
BRICS is a coalition of major emerging economies comprising Brazil, Russia, India, China, and South Africa.
For Egypt, the approval of its application to become a member is not merely a diplomatic achievement but a robust testament to the strength and potential of its economy.
CGTN’s Adel EL Mahrou filed this report.
WATCH: Egypt BRICS Membership
The prospect of joining forces with economic powerhouses such as China, South Africa, and Russia has ignited excitement in Cairo.
There are expectations that this multi-faceted partnership could usher the North African nation into a new era of economic prosperity.
Analysts and experts in Egypt view BRICS membership as a transformative opportunity, one that could fortify the country’s economic standing on a global scale.
Ahmed Solaiman, a Consulting Board Member at the Egyptian Center for Economic and Strategic Studies, underscores the significance of this development, emphasising that it enriches Egypt’s economic strength.
Going cashless
With access to a bloc representing 40% of the world’s population, there is optimism that BRICS membership will aid in reducing the trade balance deficit and alleviating the high demand for the US dollar.
Furthermore, there is anticipation that the alliance could facilitate Egypt’s digital transformation towards becoming a cashless society, given the leadership of BRICS countries in that realm.
Beyond economic considerations, the approval of Egypt’s BRICS membership is seen as a pivotal shift in the country’s foreign relations, both economically and strategically.
Government entities, including the Financial Ministry, Trade and Industry Ministry, Prime Ministry, and the private sector, are actively gearing up for this momentous move.
Egypt is forming a dedicated committee to ensure effective engagement and maximise the benefits of its impending BRICS membership.
This committee will play a central role in negotiations and includes representatives from various government cabinets and national financial institutions.
Already possessing free trade agreements with Africa, Europe, and select Latin American countries, Egypt sees the BRICS partnership as an extension of its outreach, potentially catapulting the nation into an era of expanded manufacturing capacities and increased exports.
Access to the BRICS New Development Bank is perceived as a valuable avenue for diverse financing options to support Egypt’s developmental aspirations.
As the world looks on, the inclusion of Egypt in BRICS is not just a regional collaboration but a global convergence of nations with proud histories evolving into business allies.
With its growing membership, the narrative of BRICS is increasingly becoming the resonant voice of the global south, bringing together countries like Egypt into a collaborative journey of economic growth and shared prosperity.
