Do We Need To Join BRICS?
Al Masry Al Youm, Egypt, August 23
President Cyril Ramaphosa of South Africa announced that the BRICS countries—Brazil, Russia, India, China, and South Africa—had agreed to extend an invitation to Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates to join the group. This development will benefit both the collective as well as individual members. We’ve already discussed the benefits of forming a coalition of this sort, not out of hostility, but out of mutual support among countries around the globe. Our main objective centers on delivering results through equitable economic agreements and balanced relationships. Yesterday at a discussion, a Western diplomatic friend of mine provided wise commentary when assessing the BRICS group and whether the West believes that this bloc has been established against it. His opinion was that everyone should benefit from the existence of BRICS and that Egypt’s induction could create a positive outcome for all parties. At a press conference on Wednesday, South African Foreign Minister Naledi Pandor noted that the BRICS countries had agreed to open membership to new countries, and members of the group will provide more details during the summit’s conclusion. Pandor stated that the BRICS countries adopted a document outlining the guidelines and principles for the expansion of the group. This document highlights the criteria for potential new members of the bloc. Egypt has been keen to join the BRICS alliance for years, submitting an informal request before officially applying. The implications of joining BRICS are significant for Cairo. As a group, BRICS represents more than 40% of the world’s population and accounts for around 30% of global goods and services, as well as over 31.5% of the global economy’s growth. Consequently, Egypt’s potential membership could prove to be of great benefit. Joining BRICS presents a great opportunity for Egypt to enhance its trade and joint investments with other member states. One of the primary benefits of the organization is its tendency to conduct business in local currencies or in forms of money other than the US dollar, which can ease the foreign exchange pressures Egypt is enduring. Diversifying its currency basket may not be a complete solution to the problem, but it undoubtedly offers a positive outcome for Egypt. The presence of Egypt in BRICS offers various advantages. Primarily, it serves as an entry point for access to and steering of goods and services to the African continent. Furthermore, Egypt can take advantage of its geographical location to leverage the African market. Undoubtedly, this role is commensurate with Egypt’s goal and unique positioning. —Abdel Latif El Menawy (translated by Asaf Zilberfarb)
