Will
Egypt become a key player in the global economy through the BRICS team!
Since German
Chancellor Olaf Schulz, at the Davos Economic Forum ( in May/ 2022 in
Switzerland), introduced the word “multipolarity” in his speech,
which reveals the recognition of the west of its need for a multipolar world When
the leader of a European country like Germany speaks about multilateralism, he
confirms his country’s desire to restructure international relations and
contribute to the development of a new formation of the unipolar system. It has
become clear that the term “multipolarity” is actually part of the
foreign policy discourse that diplomats and politicians in the Old
Continent-Europe-have been reproducing over the past few years which casts a
dark cloud of misgivings over the skies of the United States of America for
fear of forming a new world order; America considered itself to be in a strong
competition with China specifically aimed at preserving the current
international order noting that China poses the most serious long-term threat
to the international system, and is the only country that possesses the
economic, diplomatic, military and technological power qualified to do so Besides
its serious desire to reshape the international system.
Will
Egypt’s accession to the BRICS group restore its economic balance?
In light of
these accelerated global economic transformations and the search for new
alliances that enhance the status of developing countries, Egypt’s accession to
the BRICS group came as a strategic step that opens new horizons for economic
and political cooperation. The group is currently one of the most prominent
economic blocs seeking to reshape the global economic system and provide an
alternative model to Western domination. With the accession of Egypt to this
bloc in January 2024, the doors open for the Egyptian economy to integrate into
a wide global market, representing about 30% of the global economy, which
includes more than 40% of the world’s population. This accession is not only a
confirmation of the strong economic and political relations between Egypt and
the BRICS countries, but also an opportunity to strengthen the economic and
investment reforms which Egypt has witnessed in recent years On a related note,
this alliance is an opportunity for Egypt to ease the pressure on foreign
exchange, especially with the bloc targeting reducing intra-transactions in US
dollars, which contributes to improving local economic indicators; Egypt’s
accession to the BRICS Development Bank also provides opportunities to obtain
concessional financing for its development projects
Does BRICS represents the “Robin Hood”
for the Egyptian economy
Joining the
BRICS represents an important turning point for Egypt, contributing to
strengthening its regional and international role, enhancing its ability to
face current economic challenges, and opening up new horizons for development
and growth. Internal informed economic opinions have considered that Egypt’s
accession to the BRICS group is a lifeline to get rid of the World Bank loan
chains that encircled Egypt’s neck until it was about to breathe its last
economically Provided that Egypt will make better use of this opportunity to
board the economy bus that transports from the seats of spectators,
ticket-payers, to the rooms of players Prize-winners