In January 2024, Egypt along with Argentina, Ethiopia, Iran, Saudi Arabia, and the UAE will officially join the BRICS grouping of nations. The expansion of the bloc promises to bring significant trade and geopolitical benefits to the new members, particularly for Egypt. Egypt’s struggling economy and reliance on the west and the U.S. dollar has limited their ability to rebound economic turmoil. While Egypt’s membership will not solve economic challenges immediately, it opens doors for greater political independence and economic growth.
Key Judgment 1: It is likely that the positive economic impacts from Egypt’s membership in BRICS will be limited to increase investment and easing their debt burden in the next 24 months.
Key Judgment 2: It is highly likely that Egypt’s membership in BRICS will have an impact on countering the influence of the G7 and growing Egypt’s international influence in the next 24 months.
Key Judgment 3: It is likely that Egypts membership in BRICS will encourage domestic policy reform and an increase in development projects in the next 24 months.
