BRICS Invites Egypt to Join Economic Group: Presidential Spokesman Highlights Egypt’s Importance in the Region
Egypt Receives BRICS Invitation: A Milestone for Economic Growth
Egyptian presidential spokesman Ahmed Fahmy commented on the recent invitation for Egypt to join the BRICS economic group, highlighting the country’s significance in the region.
Positive Growth Despite Challenges
Ahmed Fahmi emphasized that the BRICS invitation to Egypt is the result of 9 years of growth, efforts, development, and strategic planning to build a strong and sustainable economy. Despite numerous difficulties faced by Egypt between 2011 and 2014, as well as subsequent regional and international challenges starting from 2020, the Egyptian economy has continued to grow.
Diversified Foreign Relations
Fahmi stated that Egypt values its diverse relationships with countries around the world, both in the West and the East. Maintaining equal and balanced relations with all nations is a fundamental principle of Egyptian foreign policy. Egypt is an independent regional power capable of establishing equal relations with countries globally.
BRICS Expansion and Egypt’s Benefits
During the recent BRICS summit in Johannesburg, South Africa, the group announced the admission of six new countries, including Egypt. The membership of these countries will come into effect early next year. Egyptian Finance Minister Mohamed Maait confirmed that joining BRICS will lead to expanded investment and export opportunities for Egypt, as well as increased foreign flows.
The Goals and Formation of BRICS
BRICS is an economic group composed of Russia, Brazil, China, India, and South Africa. Negotiations for its formation began in 2006, and the inaugural summit took place in 2009. Initially, the group consisted of Brazil, Russia, India, and China (BRIC), and South Africa joined in 2011, expanding it to BRICS.
Challenging Western Hegemony
BRICS aims to establish a multipolar international political and economic system that challenges the Western dominance led by the United States. The economic aspect forms the foundation of the group, as its members develop joint economic plans to create a strong economic force capable of countering Western powers.
A Global Force
The BRICS countries collectively cover a quarter of the world’s land area and represent 40% of the global population. They consist of emerging economies that compete with Western economies. Currently chaired by South Africa, the group’s leadership will pass to Russia next year.