CAIRO - 26 August 2023: The BRICS Summit 2023, which was held during the past three days in its fifteenth session in Johannesburg, South Africa, culminated in announcing the expansion of the base of members to include: Egypt, the Emirates, Saudi Arabia, Argentina, Iran and Ethiopia.
The step represents a success for the founding members of the bloc: Brazil, Russia, And India, China, and South Africa, in a way that enhances economic cooperation and influence on the global economy.
A study by the Egyptian Center for Thought and Strategic Studies stated that Egypt's accession to the group opens the door wide for Cairo to take advantage of the various opportunities that have a positive return on the Egyptian economy, as represented in:
- The economic capabilities of the countries of the group:
The member states of the group play an increasing role in influencing the global economy.
- Reducing the demand for the dollar:
BRICS countries are working to form alternative payment systems and create a common digital currency.
- Egypt's membership in the New Development Bank:
Egypt's accession to the group enhances Egypt's ability to support its sustainable development and address liquidity issues through its membership in the New Development Bank.
- Strengthening Egypt's role in the world and Africa:
Egypt's accession will strengthen its important and influential role in Africa, to become a center linking Africa, Asia and South America.
- Increasing trade exchange between Egypt and the group:
In 2022, Egypt's exports to BRICS countries increased by 5.3 percent, to reach $4.9 billion, compared to $4.6 billion.
- New investment channels:
Expectations indicate more intra-investment and the placement of countries such as India, for example, on the Egyptian investment map.
- Securing strategic commodities:
BRICS countries produce a third of the world's grain production, and Egypt, Russia and India have held discussions in the past regarding the trading of wheat and rice, among other strategic commodities.
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