Wael Awwad, a researcher in Asian affairs, said that Egypt’s entry into the group will contribute well to reviving the Egyptian economy and the flow of investments to Egypt, and benefiting from the development bank of the group at all levels.
Awwad added, in exclusive statements to Al-Dustour, that Egypt can also invest in relations with bilateral member states and benefit from these countries’ bilateral agreements to enter the African and European markets through the Egyptian portal, in addition to strengthening the geopolitics of Egypt and opening new markets for Egyptian goods.
What is the impact of BRICS on global alliances and the international system?
There is no doubt that the BRICS alliance is one of the strongest alliances in the current century, and it will pose great challenges to the US-Western alliances and financial systems, and it will restore the global balance of the global system and the deteriorating financial system and open great opportunities for many countries that want to get rid of the hegemony of the dollar, and constitute a force to be reckoned with if it It agreed to form its own currency and enhance food and financial security, and it has all the ingredients for that.
Egypt urges BRICS members to support developing countries in facing crises
Earlier in the day, Prime Minister Mostafa Madbouly clarified, yesterday, Thursday, Egypt’s vision for cooperation between the BRICS group and developing countries, stressing the importance of concerted efforts to confront the challenges facing developing countries, especially the food crisis.
Madbouly’s remarks came during his participation in a high-level dialogue session on cooperation between Africa and BRICS on the sidelines of the 15th BRICS summit in Johannesburg.
He welcomed Egypt’s invitation to join BRICS, stressing that this step would make “the organization more effective and able to express its views on the international arena.”
South African President Cyril Ramaphosa announced earlier Thursday that the BRICS Club of Emerging Countries welcomes six new members – Egypt, Argentina, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates – whose membership will come into effect from January 1.
Madbouly stressed the importance of coordinating and intensifying international and regional efforts to meet the needs of developing countries, highlighting Egypt’s efforts to strengthen its relations with BRICS over the years by participating in various sessions under the “BRICS Plus” formula.
He also referred to Egypt’s membership in the New Development Bank since 2021, stressing that Egypt is looking forward to becoming an active and influential member.
Moreover, the Prime Minister affirmed Egypt’s commitment to economic and financial reform and making the world order fairer and more responsive to the needs of developing countries, including middle-income countries.
Madbouly stressed the importance of providing mechanisms to ease the burdens of external debt and proposing ideas related to the governance of the global financial system.
He also said that Egypt expects support for its recently launched “Debt Alliance for Sustainable Development” initiative, which aims to establish a common framework to regulate sustainable debt transactions and include debt-for-development swaps.
In conclusion, the Prime Minister referred to the importance of encouraging balanced deals and trade exchanges using local currencies between the BRICS countries and developing countries, including African countries.
