The IMF welcomed the expansion of the “BRICS” group and international cooperation aimed at reducing market fragmentation, increasing trade and reducing investment and trade costs.
“Improving and expanding international cooperation, including, for example, the BRICS, is something we welcome and encourage, as long as they are aimed at reducing market fragmentation, increasing trade, reducing investment costs,”said Julie Kozak, Director of communications at the IMF.
The director of the communications service added that the IMF, for its part, seeks to avoid fragmentation of the global economy.
Following the summit held last August in Johannesburg, South Africa, the UAE, Saudi Arabia, Iran, Argentina, Egypt and Ethiopia were officially invited to join the “BRICS”, and full membership of the new countries will begin in early January 2024
The information and Decision Support Center of the Egyptian cabinet presented an analysis highlighting the “BRICS” Summit and the potential benefits for Egypt from membership of the group.
The Information Center said that Egypt’s accession to the” BRICS ” is a confirmation of the strength of good economic and political relations between Egypt and the bloc countries, and its economic and geopolitical position in the Middle East and North Africa.
He added that the rapprochement with the BRICS group helps in “promoting the reforms that the Egyptian economic and investment environment has witnessed in recent years, in a way that increases Egypt’s chances of attracting more foreign investments”.
