Egypt will be considered an official member of BRICS from January 2024. Egyptian president Abdel Fattah El-Sisi has publicly expressed his appreciation of the decision of the BRICS leaders to grant full membership to Egypt.
From Cairo’s point of view, BRICS, with about 26% of the area and about 42% of the world’s population; and in strengthening its economic and financial cooperation has an increasing role in the future of the economy and geopolitics of the world.
BRICS efforts in forming alternative payment systems, and non-dollar financial systems, moving away from a reliance on the US dollar, increasing trade with domestic currencies, and the longer- term possibility of creating a common currency can all benefit Egypt. Egypt does have a lack of USD and Euro foreign currency reserves; however, Cairo can diversify its portfolio of foreign currencies in use of the BRICS currencies instead.
Click here to read the full article
Source: silkroadbriefing.com
Photo source:Facebook.com
