Egypt Seeks to Join BRICS Group for Political and Economic Benefits

Egyptian Finance Minister Mohamed Maait has revealed the reason behind Egypt’s request to join the BRICS group, consisting of Brazil, Russia, India, China, and South Africa. The goal is to expand Egypt’s international presence and maximize the political and economic benefits derived from being a part of these organizations.

Cairo’s Plans to Join BRICS

The head of the Egyptian Foreign Affairs Council, Muhammad al-Orabi, has announced that Cairo intends to apply for membership in the BRICS group during the upcoming summit in South Africa. Egypt is counting on Russia’s support in this matter.

Increase in Trade with BRICS Countries

Data from the Egyptian Central Agency for Public Mobilization and Statistics shows a significant increase in the value of Egyptian exports to BRICS countries in 2022, reaching a record $4.9 billion compared to $4.6 billion in the previous year. Similarly, the value of Egyptian imports from these countries rose to $26.4 billion in 2022 from $23.6 billion in 2021.

The overall trade exchange between Egypt and BRICS countries has also witnessed growth, reaching $31.2 billion in 2022, marking a 10.5% increase compared to $28.3 billion in 2021.

Egypt’s Interest in Alternative Currencies

Last June, Russian Ambassador to Cairo, Georgy Borisenko, stated that Egypt has applied to join the BRICS group and is particularly interested in exploring alternative currencies for trade, such as a national currency or the creation of a common currency.

Source: Masravi