Egypt's participation in BRICS is a significant step in broadening its ties with emerging economies around the world, Minister of International Cooperation of Egypt Rania Al-Mashat said while delivering a lecture to the ministry's staff and other civil servants engaged in international cooperation efforts.
"Egypt's inclusion in BRICS holds significant importance for fostering its relations with emerging economies and furthering cooperation with the New Development Bank (NDB), of which Egypt became a member this year," stated Al-Mashat. In her speech, the minister also underscored the ministry's pivotal role in enhancing collaboration with Asian countries and boosting trade with China and India.
In 2022, Egyptian President Abdel Fattah el-Sisi proposed that the government pursue membership in the BRICS ND). In December, the cabinet endorsed the initiative and approved the draft decision put forth by the head of state. In late January, the country's parliament ratified an agreement enabling Egypt to become part of the financial institution.
From August 22-24, 2023, the BRICS summit convened in Johannesburg, where it was decided that Argentina, Egypt, Iran, the UAE, Saudi Arabia, and Ethiopia would join the association as of January 1, 2024.
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Based on materials from TASS