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By He Wenping and Hisham Abu Bakr Metwally
With a privileged geographical position as a bridge connecting the continents of Africa and Asia, Egypt perceives that the BRICS Plus model offers an opportunity open and diversified integration into the global economy.
At the Ninth BRICS Summit held in Xiamen, Fujian Province, Southeast China, in September 2017, China urged the bloc to build an open and diverse network with its partners , christened BRICS Plus.
BRICS represents Brazil, Russia, India, China and South Africa.
The concept is to open an entrance door to other countries and regions wishing to connect to the bloc, encouraging the exchange of good practices and economic integration to protect the interests of developing countries.
As part of the BRICS Plus model, dialogue and cooperation between BRICS members and non-BRICS countries should be on an equal footing. The model will be the starting point for bringing together current members – as well as the different continents – together.
The BRICS Plus model will not limit the importance of the BRICS block. On the contrary, other countries like Egypt were eventually to join the BRICS bloc. Their official membership will bring new momentum to the bloc.
The BRICS Plus model is likely to exceed the boundaries of the current BRICS framework, creating a new platform for cooperation between countries from different continents. Cooperation between BRICS new friends can extend the use of national currencies to foreign investment and bilateral and multilateral trade, thus reducing reliance on the US dollar.
The new platform should also strengthen coordination among developing countries in international affairs. For example, as more countries join, the consolidated voting share of these countries in the IMF will increase. This will allow the bloc to be better heard in key IMF decisions.
The BRICS block is one of the largest groupings of emerging countries because it includes the world's largest developing economies. The BRICS Plus initiative, through these leading regional entities, can connect other countries in each region despite their differences. This will allow the BRICS block to listen and try to meet the needs and demands of other countries, with the aim of increasing the representation of developing countries.
Egypt has good reason to advance cooperation with the BRICS bloc. Egypt is a focal point for African and Asian countries. Most goods and services produced in Egypt are exempt from customs duties and customs by entering European markets as well as Arab and African countries. It has a natural advantage, being a transhipment port.
Egypt has excellent relations with all BRICS members. According to the Egyptian news website Ahram Online, the Egyptian Ministry of Housing, Public Services and Urban Development signed in May a memorandum of understanding with the public construction company CGCOC Group to plan and develop an area Industrial in the new city of Alamein. Cooperation is a step forward for economic relations between China and Egypt.
Egypt also maintains long-standing economic relations with India, the latter seeking to strengthen its bilateral cooperation with Egypt, with a focus on trade and investment. Egypt also has close relations with Brazil and Russia and, of course, strong relations with South Africa.
China invited Egypt to attend the BRICS summit in Xiamen as part of the BRICS Plus, which helped to strengthen Egypt's cooperation with BRICS members. The invitation expressed the appreciation of the bloc of Egypt and its desire to listen to the voice of Egypt.
Egypt has shown great interest in joining the BRICS block very early. Due to political considerations at that time, Egypt could not join the bloc. But it is a fact that an organization like the BRICS is needed to unite and represent developing countries in a context of resurgent protectionism.
As the influence of the BRICS block will expand, other countries such as Egypt will be motivated to advance cooperation with BRICS members. The BRICS Plus model can create a mutually beneficial mechanism for all parties.
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