Egypt submits application to join BRICS

Egypt has submitted an application to become a member of the BRICS, Russian Ambassador to Cairo Georgy Borisenko confirmed on June 14th.

“Egypt has submitted its application to join the BRICS group because one of the endeavors that BRICS is currently pursuing is to shift trade to alternative currencies, be it national currencies or a new common currency. Egypt is very much interested in that,” the envoy said in an interview with TASS.

Egypt is looking forward to enhancing trade and economic cooperation with Russia; hence, “new payment mechanisms are being created for trade transactions,” the ambassador added.

On June 2nd, the foreign ministers of the BRICS member countries, namely Brazil, Russia, India, China, and South Africa, met in Cape Town.

Top diplomats from the 12 countries of the Global South that want to join the group were also there, including Argentina, Bangladesh, the Comoros, Cuba, the Democratic Republic of the Congo, Egypt, Gabon, Indonesia, Iran, Saudi Arabia, the UAE, and Venezuela.

On April 2nd, it was reported that President Abdel-Fattah El-Sisi ratified the agreement on establishing the New Development Bank (NDB) of the BRICS bloc and the document of Egypt’s accession to the $100 billion bank.