Economic and Political Aspects of Egypt’s Accession to BRICS

The article focuses on the reasons why the Egyptian leadership decided to join BRICS in January 2024. The analysis of the Egyptian leadership’s public rhetoric has shown that the key motives for joining the organization are usually related to the economy: Egyptian politicians most often talk about expanding cooperation with the organization’s member countries, dedollarization and the New Development Bank. This is due to the fact that Egypt is facing serious economic problems, which relate to budget deficit, high inflation, trade deficit and devaluation of the national currency. BRICS cannot solve these Egyptian problems and is not a “silver bullet” but the benefits of joining, associated with economic cooperation and the New Development Bank, far outweigh the costs, which are limited to a small risk of deteriorating relations with the United States. BRICS does not impose rigid obligations on its members, which makes the organization attractive to countries with different political systems, allowing them to maintain balance in international relations with different actors thereof (such as the United States, China, Russia, India, European Union countries etc.)

BRICS, Egypt, BRICS expansion, Global South, Egyptian economy