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21.10.24 12:56

Economy

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

Trade with BRICS members accounts for about a third of Egypt's total trade volume

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.

Photo: iStock

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President of Indonesia

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Liao Fan

Director of the Institute of World Economics and Politics at the Chinese Academy of Social Sciences (CASS)

"We also encourage countries of the Global South to work together and contribute to the global economy. We also call on developed countries to set aside issues such as national security and strategic competition when we are discussing real global challenges – pressing issues such as public health or poverty reduction – so that development resources can be channelled truly effectively to those countries that need them. [...] Major powers and large countries must bear greater responsibility for the well-being of people around the world. This is the responsibility of the major powers"

Anutin Charnvirakul

Prime Minister of Thailand

"Russia has been a trusted friend of Thailand for over a century. […] Next year, we will mark the 130th anniversary of the establishment of diplomatic relations between our countries. We will commemorate this important milestone with high-level exchanges, thereby reaffirming our shared commitment to an even stronger partnership for the benefit of our peoples"

Ferdinand Marcos

President of the Republic of the Philippines

"First, peace, security and stability. [...] We need our joint efforts to contribute to peace and security and to respond promptly to all threats. Second, a more dynamic economic partnership. Our areas of cooperation in trade are developing. We need to act more ambitiously and decisively in order to facilitate trade, economic flows and the expansion of the business community. [...] And third, perhaps one of the most important areas, is our peoples, grants, student exchanges, academic partnerships and tourism. [...] The relationships that are being built between our countries are reflected in the summit declaration, and they provide what policy alone cannot achieve"

Anwar Ibrahim

Prime Minister of Malaysia

"The relations in the last few years have been remarkable. We have seen impressive development, and my visit was – you were fantastic. We see the enormous role that Russia can play not only in Malaysia but also in the developing world, ASEAN and the rest. We are exploring this halal economy and finance. We are now almost finishing the visa abolition arrangement. [...] And then you have also agreed to these flights for tourism, for trade, and connectivity between Malaysia, Moscow, Kazan, and other cities in Russia"

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