BRICS expansion boosts global economic balance, Global South development: Egyptian expert

The historic expansion of BRICS to include five new members helps create a more balanced global economy and push for further development of the Global South, an Egyptian economist has told Xinhua in a recent interview.

Diaa Helmy, a member of the Economic Committee of the Egyptian Council for Foreign Affairs, said that the BRICS expansion “opens new markets for economic cooperation and trade exchange between the countries of the group, which is in the interest of South-South cooperation among emerging markets and developing countries.”

Originally comprising Brazil, Russia, India, China, and South Africa, the BRICS group welcomed Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates as new members during the bloc’s summit in August 2023. Their membership has taken effect since Jan. 1.

With the new members, BRICS would also contribute to counterbalancing the Western hegemony in the global economy, said Helmy, also secretary-general of the Cairo-based Egyptian-Chinese Chamber of Commerce.

“The BRICS bloc helps create a global economic balance, which would promote international economic justice, and remove barriers to the sustainable development of some countries,” said the Egyptian expert.

Calling BRICS “a moderate and balanced group,” Helmy commended its efforts to seek win-win cooperation for a shared future.