Egypt's upcoming membership in #BRICS ignites hope for economic growth and trade diversification.
Egypt's upcoming membership in #BRICS ignites hope for economic growth and trade diversification - File Photo
Mohamed Attia El Fayoumi, Chairman of the Chamber of Commerce and Treasurer of the General Federation of Chambers of Commerce, extended a warm welcome to Egypt's upcoming membership in the BRICS alliance, effective January 2024.
El Fayoumi affirmed Egypt's deep appreciation for the trust bestowed by BRICS member countries. He emphasized Egypt's strong bonds with these nations and its eagerness to collaborate and coordinate with the BRICS countries in the near future. The aim is to achieve the alliance's goals of bolstering economic cooperation and amplifying the voice of southern nations concerning various developmental challenges.
In his statements to the press, El Fayoumi emphasized that this economic bloc reshapes the global economic balance, ushering in a new era of a multi-polar economic world.
El Fayoumi further stated that the founding alliance comprises five countries – Russia, China, India, Brazil, and South Africa – who together account for about 30% of the global economy.
He clarified that Egypt's acquisition of membership in the BRICS Development Bank Group a few months ago, followed by the official announcement of joining the alliance, will provide Egypt with opportunities to secure funding for its developmental projects under better terms and facilitations, free from the constraints imposed by the World Bank Group and the International Monetary Fund.
El Fayoumi added that this alliance guarantees access to the world's largest food basket and may allow Egypt to settle trade contracts for its major imports using national currencies, thereby easing some pressure on foreign currency reserves. This comes at a time when the Egyptian economy is facing challenges in managing foreign currency reserves.
In today's meetings, the BRICS group decided to invite Saudi Arabia, Egypt, the United Arab Emirates, Argentina, Iran, and Ethiopia to join the economic alliance as full members, commencing from January 1, 2024.
