El Sisi, Putin talk Brics at the bloc’s annual summit: President Abdel Fattah El Sisi met his Russian counterpart Vladimir Putin on the sidelines of the Brics Summit, which kicked off in Kazan yesterday. The conversation centered around Egypt’s role in the bloc, bilateral relationship, and regional and international issues, according to an Ittihadiya statement.

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Putin emphasized the importance of Egypt’s role in the bloc, saying that “Egypt’s membership adds value to the grouping’s efforts and contributes to strengthening its role as a platform for promoting multilateral cooperation among developing countries,” the statement read. El Sisi, for his part, expressed Egypt’s commitment to engaging within the Brics’ framework and appreciation for being included in the bloc’s annual summit.

More Egypt-Russia cooperation could be on the cards: El Sisi expressed Egypt’s desire to strengthen relations with Russia not just on a multilateral level but also on a bilateral basis, building upon the Strategic Partnership Agreement signed in 2018. El Sisi noted the two sides’ successful collaboration on joint projects, highlighting the Suez Canal Economic Zone’s Russian Industrial Zone and the planned 4.8 GW nuclear power plant in Dabaa.

We’re getting closer to seeing the Russian Industrial Zone up and running: MPs are discussing an agreement that would unlock government financing for the zone, El Sisi said, emphasizing the importance of having Egyptian and Russian experts working together to implement the project.

The war in Gaza and Lebanon was also a point of discussion, with the two presidents calling for an immediate ceasefire and stressing the “vital need for de-escalation and avoiding practices and measures that would only further aggravate the situation in the region.”

Intra-bloc trade also got a look-in: El Sisi made a case for using the Brics platform to find workarounds for external trade restrictions that hamper intra-bloc trade — particularly that between Egypt and Russia (watch, runtime: 5:35).

Remember: Ahead of the summit, Russia was championing the idea of setting up a new Bricspayment system to push back against dollarization, help countries avoid sanctions, and limit the disciplinary influence of Western financial institutions. And while Putin ruled out a unified currency for the time being, bloc members are reportedly in talks over the use of digital currencies for investment.

The focus is on results: Speaking virtually at the Brics Business Forum last Friday, El Sisi said that he hoped the forum would “yield tangible outcomes that enhance investments and economic cooperation among our nations.”

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