Egypt’s FM participates in BRICS Foreign Ministers’ meeting, calls for reforming world financial system

CAIRO – 26 September 2024: Egyptian Minister of Foreign Affairs, Immigration Dr. Badr Abdelatty participated, on Thursday, in the meeting of BRICS Foreign Ministers, held on the sidelines of the 79th session of the United Nations General Assembly (UNGA79).

During the meeting, the Minister addressed the challenges currently facing BRICS countries, including geopolitical tensions, threats to peace and security, economic crises, high debt levels, climate change, and ongoing crises in the Middle East and the Arab region.

Abdelatty strongly condemned the war in Gaza, which has resulted in the loss of innocent lives, widespread destruction, and regional instability, affecting international shipping routes. He emphasized Egypt's demand for an immediate ceasefire, Israel's adherence to international humanitarian law, and the protection of civilians as an occupying power. He also highlighted the need for unhindered access to humanitarian aid in Gaza, noting ongoing violations in the West Bank and Jerusalem where Israel continues to disregard international law and Security Council resolutions.

The Minister warned of the potential for conflict expansion amid escalating Israeli actions in Lebanon, cautioning against dragging the region into a wider war. He stressed the urgent need to halt ongoing violations of Lebanese territorial and air sovereignty.

Abdelatty shared Egypt's vision for the priorities the BRICS group should pursue in the coming period. He underscored the importance of reforming the international financial system to ensure that international financial institutions and development banks adequately and fairly meet the needs of developing countries. This includes enhancing the representation of developing countries in international economic decision-making processes.

He further advocated for improvements in the international debt structure and the provision of necessary funding to achieve sustainable development goals, emphasizing the role of grants, concessional financing, technology transfer, and capacity building for developing countries. He noted the importance of engaging in international negotiations under the United Nations Framework Convention on Climate Change, adhering to the Rio principles, particularly equity, common but differentiated responsibilities, and the historical accountability of developed nations. He highlighted the critical need for balance between financing for mitigation and adaptation efforts.

Lastly, the Minister of Foreign Affairs asserted that regional trade agreements, including those among BRICS countries, are crucial for enhancing economic cooperation and integration, as well as achieving sustainable development. He called for a clear roadmap to stimulate trade and investment among member countries.