Egypt aims to discuss the possibility of increasing bilateral trade in local currencies with BRICS states

Egypt is expected to discuss the possibility of increasing bilateral trade in local currencies with BRICS states at an upcoming meeting in Kazan, Russia.

After formally joining BRICS, Egypt has targeted support for the de-dollarisation initiative. There is a positive attitude towards the initiative among Egyptian business representatives, as reported by  CCTV+, a partner of TV BRICS.

"Using local currencies will ease the process for us when we trade with other countries," said Ahmed al Zayat, member of Egyptian Businessmen Association.

Trade with BRICS members accounts for about a third of Egypt's total trade volume of more than US$31 billion. The currency swap agreements should further promote trade and investment ties.

The BRICS 2024 summit will take place from 22 to 24 October and will be the first meeting since the group expanded. Egypt, Ethiopia, Iran, Egypt, Saudi Arabia and the United Arab Emirates joined BRICS on 1 January 2024.