EGYPT has applied to join the Brazil, Russia, India, China and South Africa (BRICS) bloc. Georgy Borisenko, the Russian ambassador to the North African country, revealed the development.
The envoy said Egypt had applied to join the group because one of the initiatives that BRICS was currently engaged in, such as the maximum transfer of trade to alternative currencies or the creation of a joint currency, was important to them.
“Egypt is very interested in this,” Borisenko said, as per the Russian state news agency, TASS.
Egypt, Africa’s largest economy by gross domestic product (GDP), also intends to develop trade and economic cooperation with Russia.
Founded in 2009, BRICS is considering expanding its membership. A growing number of countries have expressed interest in joining the bloc.
This is likely to be on the agenda at the BRICS Summit to be hosted by South Africa in August.
– CAJ News