Egypt has applied to join BRICS, a group of five major emerging economies: Brazil, Russia, India, China, and South Africa. The application was made by Egyptian Foreign Minister Sameh Shoukry during a meeting with his Chinese counterpart, Wang Yi, in Beijing on June 15, 2023.
Shoukry said that Egypt's application was based on its "strong economic and political ties" with BRICS countries, as well as its "commitment to the principles of multilateralism and global governance." He also said that Egypt's membership in BRICS would "boost economic cooperation and investment" between Egypt and the other BRICS countries.
Wang Yi welcomed Egypt's application, saying that it was a "positive step" and that China would "support Egypt's accession to BRICS." He also said that China was willing to "deepen cooperation" with Egypt in a number of areas, including trade, investment, and technology.
Egypt's application to join BRICS is seen as a sign of the country's growing economic and political importance in the world. Egypt is the most populous country in Africa, and it has a strategic location in the Middle East. The country's economy is also growing rapidly, and it is seen as a potential market for BRICS businesses.
If Egypt's application is successful, it would be the first African country to join BRICS. The move would be seen as a boost for Africa's economic and political influence in the world.
Here are some of the reasons why Egypt might want to join BRICS:
- Economic benefits: BRICS countries are some of the fastest-growing economies in the world, and Egypt could benefit from increased trade and investment with these countries.
- Political influence: BRICS is a powerful group of countries, and Egypt could gain political influence by joining the group.
- Security benefits: BRICS countries are all major powers, and Egypt could benefit from their security cooperation.
However, there are also some challenges that Egypt would face if it joined BRICS:
- Economic challenges: BRICS countries have different economic systems, and Egypt would need to adapt its own economy to meet the requirements of the group.
- Political challenges: BRICS countries have different political systems, and Egypt would need to adjust its own political system to meet the requirements of the group.
- Security challenges: BRICS countries are all facing security challenges, and Egypt would need to contribute to the group's security efforts.
Overall, Egypt's application to join BRICS is a significant development. If Egypt's application is successful, it would be a major boost for the country's economy and political influence. However, there are also some challenges that Egypt would need to face if it joined the group.