CAIRO, October 21. /TASS/. Egypt's membership of the BRICS association corresponds to its development strategy at the regional and international levels, as well as provides an opportunity to benefit from the experience of the group's member countries and contributes to shaping a common market for the promotion of Egyptian products and the creation of thousands of jobs, Rami al-Ghadran, an Egyptian financial analyst and foreign investment consultant has told TASS.
He stated that Cairo "seeks to capitalize on greater foreign direct investment and develop trade between BRICS and the African countries." In turn, the expert noted, BRICS member countries "benefit significantly from Egypt's participation in the association because of its unique geographical position as a ‘gateway to Africa.’ This allows BRICS members to send goods and offer their services to other countries on the African continent."
Al-Ghadran noted that Egypt's priorities for BRICS included transition to green energy, food security and exchange of experience and transfer knowhow.
Cairo's initiatives
According to the Egyptian financial analyst, many of Cairo's initiatives proposed within the BRICS framework have met with support from the group's member countries." Among them, he singled out "creation of mechanisms and coordination of actions aimed at reforming the global economic system, taking into account the growing weight and importance of the developing countries, wider institutional links among investors into the BRICS countries, and the unification of payment systems with the aim of using of national currencies in future settlements."
Egypt's accession to BRICS, according to al-Ghadran, strengthens his country's position in relations with the West, and also contributes to achieving balance and diversity in foreign relations. This balance, he pointed out, "helps Cairo face cross-border threats and risks amid ongoing profound changes in the global economy and international politics."
Speaking about the significance of Egypt's accession to the New Development Bank (NDB), established within the BRICS framework, in March 2023, the expert remarked that it enabled Egypt "to expand trading ties with the group's member countries, thus reducing the demand for the dollar to finance Egyptian imports and easing the liquidity problem." The NDB, he explained, "contributes to strengthening regional cooperation and integration by investing in infrastructure and implementing national projects of individual states." The analyst speculated that "already in the near future, the NDB will become the best alternative to the World Bank.
The BRICS group was founded in 2006 by Brazil, Russia, India and China, with South Africa joining in 2011. On January 1, this year, Egypt, Ethiopia, Iran, Saudi Arabia, the United Arab Emirates and Egypt became full members. The main event this year, during the Russian presidency, will be the summit in Kazan on October 22-24.