Maait Unveils Reasons Regarding Egypt’s Request to Join BRICSSource: www.export-egypt.com 8/23/2023, Location: Africa |
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Minister of Finance Mohamed Maait revealed the reasons why Egypt is requesting to join BRICS economic grouping, which includes Brazil, Russia, India, China, and South Africa.
Maait stated that Egypt aims to expand its international presence and join multiple world groupings and entities to benefit both economically and politically. President of the Egyptian Council for Foreign Affairs Mohamed El-Orabi stated that the government plans on presenting the request during the summit currently held in South Africa, depending on Russia’s support. Russian Ambassador Georgy Borisenko announced last June that Egypt has submitted the request to join BRICS. He stated to Russian media outlets that this is due to BRICS initiative to convert trade into currencies. The summit is attended by Prime Minister Mostafa Madbouly, representing Egypt’s president. CAPMAS records highlight a trade value increase between Egypt and BRICS, which increased by 10.5 percent from 2021 to 2022, reaching $31.2 billion in 2022 from $28.3 billion in 2021. CAPMAS also recorded an increase in the Egyptian export value to BRICS countries at approximating $4.9 billion in 2022 as opposed to $4.6 billion in 2021. While imports from BRICS countries to Egypt experienced an increase recording $26.4 billion in 2022 as opposed to $23.6 billion in 2021. |
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