Mar. 21 – Egyptian President Mohamed Morsi declared Egypt’s desire to join the BRICS bloc, making it E-BRICS, during his visit to Delhi this week.
Morsi made his intentions known to the Indian Commerce Minister Anand Sharma after revealing that Egyptian-Indian bilateral trade is expected to double in the next three years. He also noted that the BRICS nations could have an important role to play in the development of Egypt as a democratic nation. Egypt-India trade currently amounts to approximately US$5 billion per annum.
Morsi further stated that Egypt has three investment zones in the country so far, and that these zones could be used for export processing and assembly for onward sales throughout the Gulf region. The two governments already signed the Egypt-India Bilateral Investment Treaty (BIT) back in 1997, yet want more of their businesses to invest in each other’s country.
Sharma identified specific areas in which the two countries could bolster ties, such as in trade, energy, technology and space sciences. He further indicated that he would discuss Morsi’s desire to join the BRICS bloc with the relevant officials from the other BRICS member states (Brazil, Russia, China, India and South Africa).
“This [move] will help [Egypt] achieve political stability and start a new era of economic development,” remarked Morsi.
