$28 billion.. Total trade exchange between Egypt and the BRICS countries

Minister Plenipotentiary Yehia El-Wathiq Billah, Head of the Commercial Representation Authority, said that Egypt's accession to the BRICS alliance has many positive effects on the economy, pointing out that the volume of BRICS exports amounts to 19% of the total world exports.

And “Al-Wathiq in God” said during a telephone conversation with the journalist Ahmed Moussa, the presenter of the “On My Responsibility” program, on the “Sada Al-Balad” channel, that the size of the BRICS group’s economy amounted to about $ 26 trillion, and that the BRICS grouping is its main goal to rely on local currencies.

He continued: The Central Bank will play an important role in developing a plan to reduce Egypt's dependence on the dollar, and an appropriate plan must be developed to benefit from Egypt's presence within the alliance, explaining that the volume of trade exchange between Egypt and China exceeds $18 billion.

Yahya Al-Wathiq Billah explained that if the central bank succeeds in developing an appropriate plan for dealing in local currencies, it is possible to reduce dependence on the dollar by 40% if trade exchange takes place in local currency with India and China.

  Indian investments in Egypt 

He pointed out that Egypt has attracted large amounts of Indian investments during the past months, and that India has submitted a request to the Central Bank to deal with Egypt in national currencies, explaining that resolving the dollar crisis will contribute to attracting global investors to Egypt.

Turkey and Egypt

He continued: Turkey and Egypt can deal in local currencies, and Turkey has appreciated our efforts and our great humanitarian stand with it.

Egypt's accession to BRICS will strengthen its position in dealing with financing institutions and influential countries, confirming respect for Egypt's pivotal role as a representative of the interests of Africa, the Arab world and developing countries.

New phase

We are entering a new phase that bodes well for strengthening the Egyptian national economy, which will become more capable of facing challenges and finding effective solutions according to fair policies and transactions.

This step strengthens the Egyptian national economy, which will become more capable of facing challenges and finding effective solutions according to fair policies and transactions.

The agreement will also enable more fair deals to be reached, at the level of international negotiations, on issues such as Third World and African debt, the policies of exploitative financing institutions, disruption of food and industrial value chains, and energy security.

The success of such an expansion depends on respecting common interests. It also provides inter-economic and investment opportunities for members and partners away from hegemony, unilateralism and exploitation that envelop monetary and economic policies within the scope of existing institutions.