Egypt applies to join BRICS bloc, confirms Russian envoy
Egypt applies to join BRICS bloc, confirms Russian envoy/node/2322241/business-economy
Egypt applies to join BRICS bloc, confirms Russian envoy
Egypt’s request to join BRICS comes a few days after the foreign ministers of member states held a meeting in Cape Town, which also witnessed the attendance of diplomats from other countries, including Egypt, Iran, Saudi Arabia and the UAE. (Photo/ Reuters)
Egypt applies to join BRICS bloc, confirms Russian envoy
Updated 21 August 2023
Arab News
RIYADH: In a bid to enhance trade and economic cooperation, Egypt has officially applied to join the five-member BRICS bloc of emerging economies, according to Georgy Borizenko, the Russian ambassador to Cairo.
The BRICS group comprises Brazil, Russia, India, China and South Africa.
“Egypt has applied to join the BRICS group because one of the initiatives that BRICS is currently engaged in is the maximum transfer of trade to alternative currencies, whether national or the creation of some kind of joint currency. Egypt is very interested in this,” said Borizenko.
The Russian envoy also added that Egypt wants to boost ties with Russia.
“New payment mechanisms are being created for trade transactions,” he added.
The confirmation regarding Egypt’s request to join BRICS comes a few days after the foreign ministers of member states held a meeting in Cape Town, which also witnessed the attendance of diplomats from other countries, including Egypt, Iran, Saudi Arabia and the UAE.
In February, Egypt joined the BRICS New Development Bank, which could boost the country’s infrastructure and solve its ongoing economic crisis. Lawmakers of the country welcomed this step as it could help the crisis-hit nation to reduce demand for US dollars.
On June 13, Egyptian Supply Minister Ali Moselhy said that the country is planning to pay for imports from India, China and Russia in their local currencies instead of the US dollar.
“Nothing of the sort has been implemented, but there are discussions so that we can trade in local currencies of countries like India, Russia or China,” said Moselhy, according to Reuters.
Meanwhile, Egypt’s annual urban consumer inflation rate in May accelerated to 32.7 percent from 30.6 percent in April, primarily driven by increased food prices, according to the country’s statistics agency CAPMAS.
The report stated that Egypt’s month-on-month urban inflation also witnessed a surge, as it went up to 2.7 percent in May from 1.7 percent in April.
GCC chambers plan Gulf Guarantee project to boost intra-regional trade
Updated 16 February 2026
Abdulaziz Al-Faki - ALEQTISADIAH
DAMMAM: The Federation of GCC Chambers, in cooperation with the Customs Union Authority, intends to launch the Gulf Guarantee Project to provide a unified mechanism for exports and trade transactions and to enhance the efficiency of intra-GCC trade, which reached about $146 billion by the end of 2024, Saleh Al-Sharqi, Secretary-General of the federation, told Al-Eqtisadiah.
Al-Sharqi said, on the sidelines of his meeting with media representatives at the federation’s headquarters in Dammam, that the initiative represents a qualitative leap in supporting intra-GCC trade by facilitating transit movement through a single point, contributing to cost reduction, accelerating the flow of goods, and enhancing the reliability of trade operations among Gulf markets.
Saleh Al-Sharqi, Secretary-General of the Federation of GCC Chambers. Al-Eqtisadiah
He explained that the federation recently launched a package of strategic initiatives, including the Tawasul initiative aimed at strengthening communication among Gulf business owners and supporting the building of trade and investment partnerships, in addition to the Gulf Business Facilitation initiative, which seeks to address challenges facing Gulf investors and traders, simplify procedures, and improve the business environment across member states.
He noted that these initiatives fall within an integrated vision to address obstacles hindering investment and intra-regional trade flows by developing regulatory frameworks, activating communication channels between the public and private sectors, and supporting Gulf economic integration in line with the objectives of the Gulf Common Market.
In a related context, the Secretary-General affirmed the direction of GCC countries to leverage artificial intelligence technologies to support trade and investment flows, stressing the importance of establishing a unified Gulf committee for artificial intelligence to coordinate efforts and exchange expertise among member states. He said the federation will support this direction in the coming phase, drawing on leading international experiences, particularly the Chinese experience in this field.
Regarding the recently announced electric railway project between Riyadh and Doha, Al-Sharqi revealed that technical and advisory committees are working to complete the necessary studies for the project, confirming that it will positively impact passenger and freight movement between the two countries, enhance Gulf logistical integration, and support regional supply chains.
On investment opportunities available to Gulf nationals in the Syrian market, he said the federation is coordinating with private sector representatives in Syria to overcome obstacles that may face the flow of Gulf investments, in addition to working to provide adequate guarantees to protect these investments and ensure a stable and attractive investment environment.
In response to a question from Al-Eqtisadiah about the impact of tariffs imposed by the US on imports of iron, steel, and aluminum, he said that economic and technical committees in GCC countries are continuously monitoring the repercussions of these tariffs on the Gulf private sector, assessing their effects, and taking the necessary measures to protect it from any potential negative impacts.
Al-Sharqi also pointed to the launch of two specialized committees in the transport and logistics sectors and in real estate activities, given their pivotal role and active contribution to Gulf gross domestic product, stressing that developing these two sectors is a fundamental pillar for enhancing economic diversification and increasing the competitiveness of GCC economies.
He added that during the past year the federation held more than 40 meetings and official engagements with Gulf and international entities, participated in nine regional and international events to strengthen the presence of the Gulf private sector on the global stage, and signed 12 agreements and memoranda of understanding with Gulf, regional, and international entities to open new horizons for economic and investment cooperation.
During the same year, the federation launched four digital platforms to support the Gulf private sector, bringing the total number of its digital platforms to eight serving the business community across member states.
The Secretary-General affirmed that the federation will continue working with relevant economic entities to unify procedures and regulations, reduce non-tariff barriers, and accelerate mutual recognition of products and standard specifications, in a way that enhances the competitiveness of the Gulf economy and supports the growth of intra-GCC trade.
