Opinion | Expanded Brics can help Africa deepen its ties with China and Asia
- Egypt and Ethiopia’s inclusion in the bloc now gives the continent three seats at the table, from which to leverage the development of the whole region
- A more united Global South will also be more forceful in pushing back against US pressure to fall in line with American foreign policy priorities
Saudi Arabia, the United Arab Emirates, Iran and Argentina are the other nations that have been invited to join the bloc next year.
Egypt chafes at the dominance of the US dollar in the international financial system and views it as impeding its economic development. The Russia-Ukraine war has bolstered the dollar viz-à-viz African currencies and raised the cost of importing goods and borrowing for the continent. Africa is currently witnessing the highest levels of public debt and inflation in decades, according to the International Monetary Fund.
Several African countries today suffer a shortage of US dollars in the trade market, among them Egypt. Consequently, the country’s supply minister, Ali Moselhy, has said that the country is exploring paying for its imports from China, Russia and India in their local currencies.
Africa’s economic ties with the Brics countries have grown over the years. In Johannesburg last week, 30 of the more than 60 government and state leaders who attended the Brics summit were from Africa. With Brics expanding its footprint in Africa, which has immense potential and a rich cultural diversity, the continent will enter a new era. Leveraging the countries’ collective strength through Brics will be a win-win partnership.
