Informal meeting of the BRICS during the 2019 G20 Osaka summit
#Economy #EGYPT
Denys Bédarride
Thursday 29 June 2023 Last update on Thursday, June 29, 2023 At 4:31 PM

The Russian Ambassador in Cairo, Georgy Borisenko, announced that Egypt had submitted an official application to join the BRICS group.

He claimed in statements to the Russian agency “TASS” that Egypt had applied to join the “BRICS” group, because of its initiative to “convert trade into alternative currencies as much as possible, whether national or to create a kind of common currency”.

The Russian diplomat added that Egypt was “very interested” in the move, in an attempt to distance itself from the US dollar.

As of midday Wednesday, no official statement was issued by the Egyptian government regarding the application to join the organization.

On Tuesday, Egyptian media reported quoting Supply Minister Ali Moselhi that Egypt “intends to abandon the US dollar in mutual trade with member states of the BRICS economic bloc, and pay its imports to these countries in local currencies“.

Last March, the Egyptian Official Gazette published the ratification by President Abdel Fattah al-Sissi of the agreement establishing the new development bank of the “BRICS” group, and Egypt’s accession to it. .

The new development bank has approved Egypt’s membership, and this was announced during the BRICS leaders’ summit meetings in December 2021.

The United Arab Emirates, Bangladesh and Uruguay had previously also announced their membership of the bank.

The BRICS group is one of the largest economic blocks in the world and counts among its members Brazil, Russia, India, China and South Africa.

As a reminder: BRICS is an acronym for a group of five countries that have been meeting since 2011 in annual summits: Brazil, Russia, India, China and South Africa (in English: Brazil, Russia, India, China, South Africa).

Source Anadolu Agency

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