Egypt Calls For Deeper BRICS Economic Cooperation

Egyptian President Abdel Fattah Al Sisi has called for deeper cooperation among BRICS members and partner countries to build more resilient economies amid rapid changes and challenges facing the global economy.

Speaking at an open session of the 18th BRICS Summit in New Delhi on Sunday, Sisi said economic resilience required diversifying sources of growth, strengthening supply chains, investing in people and technology, and expanding cooperation among Global South countries.

He said Egypt attaches importance to cooperation in innovation and artificial intelligence, as well as technology transfer and localisation, to help developing countries benefit from technological transformation.

Sisi also called for greater cooperation in clean and renewable energy, improved resource efficiency and easier access to financing and technology for developing countries.

He highlighted Egypt’s investment in ports, transport corridors and logistics networks, saying the Suez Canal remained central to the system as one of the world’s major international trade routes.

Sisi said economic resilience depended on maintaining food and energy security, ensuring the flow of trade and investment and addressing supply-chain disruptions.

He called for increased trade and investment among BRICS members and partners, as well as joint projects to strengthen economic integration and reduce the impact of external shocks.

Sisi also urged a stronger role for development finance institutions, particularly the New Development Bank, in financing infrastructure and development projects and expanding access to concessional financing for developing countries.

The remarks came on the final day of the two-day BRICS summit in New Delhi. The expanded 11-member grouping comprises Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia and the United Arab Emirates.

Details of any new economic agreements arising from Sisi’s proposals were not provided.

SOURCE: AA