Egypt: BRICS Wants to Redesign and Modernize Global Economic Structure

The countdown has begun to the BRICS Maxi-Summit, which will be held from October 22 to 24 in Kazan, Russia. In addition to the leaders of the 10 BRICS countries, more than 30 heads of state and government from around the world were invited to the forum. An official invitation was also extended to UN Secretary General António Guterres.

Egypt, which joined the “fivesome” (Brazil, Russia, India, China, South Africa) in January 2024 along with four other states (Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates), is very active in all initiatives of the influential international association, which currently controls 36.7% of the world’s GDP.

In preparation for the Kazan summit, Egyptian Finance Minister Ahmed Kouchouk and Central Bank of Egypt President Hassan Abdullah (pictured) attended the Second Meeting of BRICS Finance Ministers and Central Bank Presidents in Moscow in recent days. On the sidelines of the meeting, Abdullah, accompanied by a large delegation of Egyptian financiers, was received for talks by Central Bank Governor Elvira Nabiullina.

At a press conference after the talks, Kouchouk said that “BRICS can play an influential, if not decisive, role in reshaping the global economic structure.” According to the Egyptian minister, “BRICS, in addition to being an important platform for regional integration between Africa, the Middle East, and Asia, greatly helps member countries to create new investment, development, and international trade.” In this context, Egypt “seeks closer cooperation with all BRICS partners to achieve economic stability, growth, and development of our countries and peoples.”

“We are very happy to be an integral part of BRICS and look forward to increasing trade with all member states and attracting investment,” said Kouchouk, according to whom “the opportunity offered by BRICS is exceptional to make payments in local currencies.”