The BRICS group of major emerging economies is able to play an important role in building a more stable and fairer global financial structure, Egyptian Finance Minister Mohamed Maait said on Wednesday.
"The BRICS group could play an important role in creating a more sustainable and fairer global financial structure," the Egyptian Finance Ministry quoted Maait as saying during his talks with Russian Finance Minister Anton Siluanov in Brazil.
On the sidelines of the G20 ministerial meeting in the city of Sao Paulo, the two officials discussed ways to strengthen economic and financial cooperation between Egypt and Russia, with Maait stressing that settlements in national currencies would contribute to the diversification of exports, the Egyptian Finance Ministry added.
On January 1, Egypt, Ethiopia, Iran, the United Arab Emirates and Saudi Arabia officially became full members of the BRICS group. Before that, the bloc consisted of Brazil, Russia, India, China and South Africa.