Egypt has become a permanent member of BRICS, a group of major emerging economies that includes Brazil, Russia, India, China, and South Africa. Egypt will officially join the bloc on 1 January 2024, along with Saudi Arabia, Iran, UAE, Ethiopia and Argentina.
The Egyptian cabinet approved on Wednesday the establishment of a BRICS unit in the cabinet, which will deal with cooperation issues with the BRICS bloc. The unit will consist of relevant ministers and officials who will work on enhancing Egypt’s relations with the other members of the group.
BRICS was founded in 2009 as an informal platform to promote economic stability and to develop a new currency system that will challenge the dominance of the US dollar in global trade. The bloc has become increasingly influential in recent years, as its members have emerged as major players in the global economy. According to the International Monetary Fund (IMF) estimates, the bloc’s combined GDP is now larger than that of the G7, and its population makes up nearly half of the world’s.
The 15th BRICS Summit was held in South Africa’s Johannesburg from 22 to 24 August, where the leaders of the five countries discussed various issues such as trade, investment, innovation, health, education, security and climate change. The summit also welcomed the new members who will join the bloc in 2024.
