Egypt is set to join the BRICS in 2024. On that occasion, the Egyptian Cabinet’s Information and Decision Support Center (IDSC) published a report tacking the weight of the bloc in the global economy, Invest-Gate reports.
BRICS, whose idea emerged in 2006, consists of Brazil, Russia, India, and China, then South Africa joined in 2010. Though recently formed relative to groups like the EU and ASEAN, the report said that BRICS accounts for 25.6% of the global Gross Domestic Product (GDP) and a sizable share of trade.
Collectively, the members produce $25.9 tn in output and China leads exports while also ranking second in imports. The BRICS societies also encompass 26% of the world’s land mass and over 40% of the population.
Egypt’s acceptance into the New Development Bank, following the UAE, Bangladesh, and Uruguay in 2021, underscores strong economic and political ties with BRICS countries. Integration supports Cairo’s development goals through cooperation and increased foreign investment drawn by reforms.
Furthermore, the BRICS membership offers mutual benefits as Egypt leverages the alliance to aid sustainable growth initiatives nationally. It comes as the group grows prominence matching its massive human and industrial resources base.
