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Joining BRICS a Dream Come True for Egypt, a Win-Win Situation, Says Ex-Foreign Minister Orabi

18:37, 8 July 2024

Muhammad Nooh Osman

Writer/Editor

Egypt, along with Ethiopia, Saudi Arabia, the United Arab Emirates, and Iran, joined BRICS in January 2024 after their applications were approved at the BRICS leaders' summit in South Africa in August 2023.

Sputnik

Egypt's recent inclusion in the BRICS group, a bloc of emerging economies, is seen as a significant step towards enhancing the country's economic prospects. In an interview with Sputnik, former Egyptian Foreign Minister Mohamed Orabi highlighted the long-standing ambition to join BRICS, dating back to 2009, and the potential benefits for Egypt's economy.

"In 2009, I was the assistant Minister of Foreign for Economic Affairs, and at the time, we had a lot of efforts to join the BRICS," he told Sputnik. "I think we already fulfilled this dream, and I think this will enhance our economy."

Orabi believes that the BRICS national currency settlement initiative, which aims to reduce dependence on Western financial systems and currencies, will significantly boost trade between member countries, including Egypt.

He pointed to the active involvement of Egypt's finance minister in recent BRICS meetings, emphasizing the North African country's commitment to facilitating the initiative's success.

"The currency settlement. I think this would enhance the trade between the members of the BRICS, and that will give a sort of impetus to the trade relationship, which is the main issue or the main target of the BRICS as an economic group," said the former minister, currently a member of parliament.

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Egypt's strategic location and strong diplomatic ties position it as a potential facilitator of cooperation between BRICS members and other global economic and political groups.

Orabi emphasized the country's commitment to maintaining a balanced approach and fostering strong relationships with diverse international players without favoring any particular group.

“It's not our aim to be tilting towards one group against the other, but I think we will try to establish a very comprehensive, stable, and good relation with all the economic and political groups in the world,” the veteran diplomat said.

According to him, in the short term, Egypt aims to leverage its BRICS membership to attract more investment and strengthen its economic position.

Long-term goals include boosting trade and investment with BRICS member countries, creating mutually beneficial partnerships, and bridging economic gaps between nations.