The Reason behind Egypt’s Request to Join the BRICS Group

Egyptian Finance Minister Mohamed Maait revealed the reason for Egypt’s request to join the BRICS group, which includes Brazil, Russia, India, China, and South Africa.

Expanding International Presence and Gaining Economic Benefits

Maite said in a brief statement: “The goal is to expand the international presence through these new organizations and institutions in order to get the most political and economic benefit from being in these organizations.”

The head of the Egyptian Foreign Affairs Council, Muhammad al-Orabi, said that Cairo intends to apply for membership in the “BRICS” at the current summit, which will be held in South Africa, and counts on Russia’s support in this matter.

Increase in Trade with BRICS Countries

Notably, data from the Egyptian Central Agency for Public Mobilization and Statistics showed an increase in the value of Egyptian exports to the BRICS countries to a record $4.9 billion in 2022, compared to $4.6 billion in 2021.

The value of Egyptian imports from the group countries was $26.4 billion in 2022, compared to $23.6 billion in 2021.

Data from the Egyptian Central Agency for Public Mobilization and Statistics indicates an increase in the value of trade exchange between Egypt and the BRICS countries, reaching $31.2 billion in 2022 compared to $28.3 billion in 2021, i.e. by 10.5%.

Egypt’s Interest in Alternative Currencies

Last June, Russian Ambassador to Cairo Georgy Borisenko told the Russian media about Egypt’s application to join the BRICS group: in currencies. As alternative as possible, whether it be a national currency or the creation of a common currency, and Egypt is very interested in this issue.

Source: Masravi