Russian Ambassador to Cairo, Georgy Borisenko, has confirmed that Egypt has submitted its application for membership in the BRICS bloc. Moreover, Georgy has stated that Egypt’s interest has lied mostly in the alliance’s efforts to settle trade in “national currencies or a new common currency.”
Egypt had recently been discussed as a favorite to submit an application to the economic bloc. Subsequently, the country’s supply minister confirmed yesterday that its trade with the bloc would be settled in national currencies. Thus, doing away with the use of the US dollar in trade with China, Russia, and India.
Egypt Submits Application to Join BRICS
With the annual summit set to arrive in just a few months, BRICS expansion will be a popular topic of discussion. Indeed, the discourse surrounding its growth and the development of an alternative currency will likely dominate. Yet, it now appears one country has officially been named as having submitted an application.
The Russian Ambassador to Cairo, Georgy Borisenko, has stated that Egypt has officially submitted its application to join the BRICS bloc. Specifically, he stated, “One of the endeavors that BRICS is currently pursuing is to shift trade to alternative currencies, be it national currencies or a new common currency. Egypt is very much interested in that,” i24 News reported.
Moreover, the potential admission into the bloc is part of the countries’ efforts to increase trade with Russia. “New mechanisms are being created for trade transactions,” Borisenko remarked. Referring to the increased economic activity initiated between the two countries.
Egypt is one of a long line of countries that are seeking membership in the group. Nevertheless, the BRICS summit is set to feature a host of those countries. Specifically, diplomats from nations like Iran, Saudi Arabia, and the United Arab Emirates (UAE) will be in attendance. Likely seeking a decision on their various membership requests in BRICS, and its New Development Bank.