CAIRO – A number of importers and traders hailed Egypt’s accession to the BRICS group, saying this move will open up several major markets with high purchasing power to Egyptian exports.
In statements recently, Matta Bishai, the chairman of the supply and internal trade committee at the Federation of Egyptian Chambers of Commerce, said Egypt’s accession to the bloc will contribute to promoting trade exchange with member states in local currencies, which in turn could ease the pressure on the US dollar.
He stated Egypt’s joining BRICS will help boost trade exchange between member states and the rest of the world, which will reflect positively on the Egyptian economy.
On his part, Hazem el Menofi, a member of the general division of foodstuffs at the Federation of Egyptian Chambers of Commerce, said Egypt’s accession to the BRICS is a testament to the strength of the national economy and will assist in bolstering the country’s foreign trade.
Mohamed Attia el Fayoumi, chairman of the chamber of commerce in Qalyubia governorate and treasurer of the Federation of Egyptian Chambers of Commerce, said Egypt will work in the coming period to enhance economic cooperation with BRICS member states.
He stated Egypt’s obtaining membership in the BRICS New Development Bank (NDB) a few months ago will allow the country to get finance for carrying out development projects.
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