{"id":604142,"date":"2023-08-27T00:00:00","date_gmt":"2023-08-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/27\/from-next-year-egypt-will-officially-be-a-bric\/"},"modified":"2023-08-27T00:00:00","modified_gmt":"2023-08-27T00:00:00","slug":"from-next-year-egypt-will-officially-be-a-bric","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/27\/from-next-year-egypt-will-officially-be-a-bric\/","title":{"rendered":"From next year, Egypt will officially be a Bric"},"content":{"rendered":"

Egypt is joining Brics next year: <\/strong>Egypt was among the six countries invited to join the bloc of emerging economies known as the Brics during the organization\u2019s annual summit in South Africa last week. Capping three days of talks, the leaders of Brazil, Russia, India, China and South Africa a<\/a> nnounc<\/a> ed<\/a> an agreement on a framework for expanding the bloc and said six new members would join in 2024. <\/p>\n

Who\u2019s in? <\/strong> Egypt will join Saudi Arabia, the UAE, Iran, Ethiopia, and Argentina <\/strong> as new members of the group. This will increase the bloc\u2019s share of global GDP to almost 30%<\/a> from 26% currently, while the inclusion of Saudi Arabia, Iran and the UAE will mean that Brics members control 43% of global oil production, up from 20% currently.<\/p>\n

The expansion also introduces a measure of geopolitical tension <\/strong>into the group: Relations are still chilly between Egypt and Iran as well as Egypt and Ethiopia. Saudi and Iran are only now making up. And Argentina and Egypt are two of the IMF\u2019s most active borrowers.<\/p>\n

We already had a foot in the door: <\/strong> Egypt joined the Brics\u2019 USD 100 bn multilateral lender<\/a>, theNew Development Bank (NDB), in April, allowing Egypt to access finance from the bank for development projects. <\/p>\n

Could Brics be <\/strong> (in the longer term) <\/strong> part of a solution to our economic woes? <\/strong>Joining Brics will boost FDI and exports, deepening economic cooperation and trade exchange between Egypt and other member states, Finance Minister Mohamed Maait said in a statement<\/a> at the weekend. Membership could also help the country reduce its dependence on the USD for international trade, which would \u201chelp Egypt rationalize its hard currency spending on imports, relieving pressure on the budget,\u201d Maait said, pointing to the hefty cost of USD-denominated wheat and fuel imports. <\/p>\n

REMEMBER- <\/strong>The government is already in talks with three Brics countries \u2014 India, Russia, and China \u2014 to trade in local currencies<\/a>, though no agreements have yet been finalized. <\/p>\n

A thumbs up from market-watchers: <\/strong>\u201cIt's positive for Egypt to be included. Whilst in the near term the impact is expected to be limited, it could help strengthen its relationships with key EM economies,\u201d ADCB\u2019s Monica Malik told Reuters<\/a>. FIM Partners\u2019 Charles Robertson agreed, telling the newswire that \u201cEgypt has two deep needs \u2014 FDI and a cheaper debt burden \u2014 and Brics membership can help with both.\u201d <\/p>\n

Brics x Africa: <\/strong>Prime Minister Moustafa Madbouly pointed towards the need to strengthen cooperation between Brics and Africa, he said<\/a> during his participation in the summit<\/a>. He said he hoped to see the bloc support the sustainable debt alliance<\/a> Egypt is setting up to regulate sustainable debt transactions and lift debt burdens for emerging markets. Madbouly also called for the bloc to pursue non-USD trade with developing countries and those on the African continent. <\/p>\n

POLITICIANS SPEAK- <\/strong><\/p>\n

Brics isn\u2019t done expanding: <\/strong> The five countries suggested that more countries could be invited to join the bloc at a later date. Brazil's President Luiz Inacio Lula da Silva said<\/a> his government would support Nigeria, Angola, Mozambique and the Democratic Republic of Congo joining the organization, adding that countries would be chosen based on their geopolitical importance rather than the ideology of their governments.<\/p>\n

Xi pledges deeper Africa ties: <\/strong> In a meeting with African leaders at the summit, Chinese President Xi Jinping said that Beijing will launch new initiatives to promote industrialization and food self-sufficiency in Africa, according to Reuters<\/a>. A top Chinese foreign ministry official said last week<\/a> that African leaders want China to pivot from infrastructure financing towards developing countries\u2019 manufacturing sectors.<\/p>\n

El Sisi reax: <\/strong>\u201cWe appreciate the confidence of all Brics member states with whom we share robust relations. We look forward to cooperating and coordinating with them, and with the other countries invited to join the bloc, to achieve its goals toward strengthening economic cooperation among us and raise the voice of the Global South,\u201d President Abdel Fattah El Sisi said<\/a> following the announcement. <\/p>\n","protected":false},"excerpt":{"rendered":"

Saudi Arabia, the UAE , Iran, Ethiopia, and Argentina also got invites<\/p>\n","protected":false},"author":1,"featured_media":604143,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7262],"tags":[96,7270,168,72,277,281,127],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-604142","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-diplomacy","tag-abdel-fattah-el-sisi","tag-brics","tag-diplomacy","tag-enterpriseam","tag-mohamed-maait","tag-moustafa-madbouly","tag-politics","wpautop","entry"],"acf":{"mongo_id":"625a6a24-800b-46c9-b6ea-6a1158ee3640","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/8\/1201.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt among six countries invited to join Brics","related_issue":[604138],"teaser":"Saudi Arabia, the UAE , Iran, Ethiopia, and Argentina also got invites","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/8\/.5f5d9809-eb2c-4e15-89a0-c214ba2f15d3.mp3"},"yoast_head":"\nFrom next year, Egypt will officially be a Bric - 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The group, which currently includes China, Russia, India, Brazil and South Africa, has received more attention this year as\u2026","rel":"","context":"In "AROUND THE WORLD"","block_context":{"text":"AROUND THE WORLD","link":"https:\/\/enterpriseam.com\/egypt\/category\/around-the-world\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":588707,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/15\/egypt-submits-brics-membership-bid-russian-official\/","url_meta":{"origin":604142,"position":1},"title":"Egypt submits BRICS membership bid -Russian official","author":"enterpriseam admin","date":"15 June 2023","format":false,"excerpt":"BRICS membership could boost trade in currencies other than the USD","rel":"","context":"In "Diplomacy"","block_context":{"text":"Diplomacy","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/diplomacy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/6\/748.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577978,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/12\/cabinet-approves-move-to-join-brics-development-bank\/","url_meta":{"origin":604142,"position":2},"title":"Cabinet approves move to join BRICS development bank","author":"enterpriseam admin","date":"12 December 2022","format":false,"excerpt":"Another step closer to BRICS bank membership: Ministers approved plans for Egypt to join the New Development Bank (NDB), a multilateral lender set up by Brazil, Russia, India, China and South Africa (the so-called BRICS), cabinet said following its weekly meeting on Wednesday.What is the NDB? The USD 100 bn\u2026","rel":"","context":"In "Cabinet watch"","block_context":{"text":"Cabinet watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/cabinet-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/223.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":587546,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/29\/saudi-arabia-is-looking-to-join-the-brics-bank\/","url_meta":{"origin":604142,"position":3},"title":"Saudi Arabia is looking to join the BRICS bank","author":"enterpriseam admin","date":"29 May 2023","format":false,"excerpt":"Egypt joined the multilateral lender earlier this year","rel":"","context":"In "AROUND THE WORLD"","block_context":{"text":"AROUND THE WORLD","link":"https:\/\/enterpriseam.com\/egypt\/category\/around-the-world\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1537.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":653819,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/23\/el-sisi-meets-with-putin-on-the-sidelines-of-the-annual-brics-summit\/","url_meta":{"origin":604142,"position":4},"title":"El Sisi meets with Putin on the sidelines of the annual Brics summit","author":"enterpriseam admin","date":"23 October 2024","format":false,"excerpt":"El Sisi emphasized Egypt\u2019s interest in further developing relations with its Russian partners","rel":"","context":"In "Diplomacy"","block_context":{"text":"Diplomacy","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/diplomacy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/10\/1957.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548039,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/24\/el-sisi-macron-talks-lead-the-conversation-in-the-foreign-press\/","url_meta":{"origin":604142,"position":5},"title":"El Sisi-Macron talks lead the conversation in the foreign press","author":"enterpriseam admin","date":"24 July 2022","format":false,"excerpt":"President Abdel Fattah El Sisi\u2019s visit to Paris for talks with Emmanuel Macron led coverage of Egypt in the foreign press over the weekend. We have more on the visit in this morning\u2019s Diplomacy section, below. (AFP | Associated Press | Asharq Alawsat)Also featuring heavily in the news: A radiographer\u2026","rel":"","context":"In "EGYPT IN THE NEWS"","block_context":{"text":"EGYPT IN THE NEWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-in-the-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/604142","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=604142"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/604142\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/604138"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/604143"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=604142"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=604142"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=604142"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=604142"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=604142"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}