Egypt Applies for BRICS Membership, Seeks Trade in National Currencies

Egypt has filed an exertion to articulation the BRICS bloc, Russia’s ambassador to the Arab federation confirmed. The authorities successful Cairo is funny successful utilizing alternate currencies successful overseas trade, either nationalist fiats oregon a caller communal currency, the diplomat unveiled.

Egypt Takes Step to Join BRICS Club, Russia Backs Bid

Egypt has applied to go a subordinate of the BRICS bloc of nations, according to the Russian Ambassador to Cairo, Georgy Borisenko. In an interrogation with the Tass quality agency, the diplomat explained:

Egypt has submitted its exertion to articulation the BRICS radical due to the fact that 1 of the endeavors that BRICS is presently pursuing is to displacement commercialized to alternate currencies, beryllium it nationalist currencies oregon a caller communal currency. Egypt is precise overmuch funny successful that.

Borisenko besides pointed retired that Egypt is consenting to boost commercialized and economical practice with the Russian Federation. He revealed that caller outgo mechanisms are presently being developed to facilitate planetary commercialized transactions.

BRICS, which unites 5 of the largest emerging economies (Brazil, Russia, India, China, and South Africa), was formed successful 2006 arsenic an alternate to the Group of Seven (G7) format comprising the astir precocious economies. It has already become the world’s largest bloc by stock of planetary gross home merchandise (GDP), according to a survey released earlier this year.

The overseas ministers of the BRICS members met successful Cape Town successful aboriginal June and discussed the organization’s enlargement. The gathering was besides attended by apical diplomats from the 12 different countries that privation to articulation the group, including Egypt. The motorboat of an planetary reserve currency based connected the currencies of the BRICS states is apt to beryllium connected the docket of the BRICS acme successful August.

Speaking to RIA Novosti, Borisenko emphasized that Russia supports Egypt’s bid to articulation BRICS but noted that this tin hap lone aft the criteria and procedures for admitting caller countries are agreed upon by the existent members which inactive person antithetic opinions connected this matter.

The ambassador reminded that successful 2021, Cairo was accepted arsenic a shareholder of the New Development Bank (NDB) nether BRICS, again with Moscow’s backing. In February 2023, Egyptian lawmakers hailed the parliament’s endorsement of a pact allowing the state to articulation the NDB, stating that the determination volition trim its request for U.S. dollars and alteration it to sphere its overseas currency reserves.

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