"BRICS" is an economic group comprising of Russia, Brazil, China, India, and South Africa; negotiations for its formation began in 2006 and the first summit was held in 2009.

Initially, the group included Brazil, Russia, India, and China, under the name "BRIC"; then, in 2011, South Africa joined, making it "BRICS".

The group aims to form a multipolar international political and economic system and break the dominance of the West, led by the United States.

The economic aspect is the backbone of the group; the members have been developing their unified economic plans to become an economic power capable of countering the current Western power.

The BRICS countries account for a quarter of the world's land area and 40% of its population, and include emerging economies that compete with those of the West.

BRICS is one of the most important economic groupings in the world.

The governments of the five BRICS members, Brazil, Russia, India, China, and South Africa, invited Egypt to join along with five other countries; Saudi Arabia, the United Arab Emirates, Iran, Ethiopia, and Argentina; to the group, whose leaders began their summit meetings in 2006.

Thanks to a Chinese initiative and the support of other governments, Egyptian diplomacy succeeded in achieving this feat; Egypt maintains good relations with all of them, which opens the door for an influx of investments and growth in exports.

The fifteenth BRICS summit statement varied between calling for a multiparty partnership, comprehensive or inclusive in nature, to promote an environment that achieves peace and development.

It also called for a partnership that ensures accelerated growth and mutual benefit, one that targets sustainable development and deepens mutual relations between peoples, and promotes institutional development of BRICS countries.

Egypt can benefit from the experiences of some BRICS countries, especially China and India, and from BRICS initiatives, which could guide Egypt towards a scientific, technological, and economic revolution.

Egypt's joining of BRICS has many advantages, including obtaining concessional loans from the group's development bank, which helps to escape the stranglehold of the International Monetary Fund.

Economically, the most important benefits include improving foreign trade conditions, expanding the volume of exports of local products, and enhancing their competitiveness with many countries to attract investments to sectors targeted by the state for development.

Egypt succeeded in opening the door towards non-dollar trade transactions through bilateral agreements with major countries like Russia, China, and India; this step could potentially be a breakthrough in the crisis in the long term and pave the way for the inclusion of the Egyptian pound in international transactions.

The BRICS countries share the same goal of liberating themselves from the dollar's dominance and dealing with their own local currencies.

Egypt could potentially benefit from attracting investments and activating the "Mercosur" agreement with Brazil, in order to establish a free trade area and revive tourism.

It is known that "Mercosur" is an economic bloc in Latin America aimed at achieving integration among its member countries; since its establishment in 1991, it has become one of the largest economic blocs in the world.

This bloc's welcoming of Egypt came primarily for political reasons imposed by international circumstances, and Egypt hopes to conduct international trade transactions using local currency with countries like China, Brazil, and India (Getty).

Egypt's joining of BRICS reaffirms the strength of its economic and political relations with the bloc's countries, as well as its economic and geopolitical standing in the Middle East and North Africa.

Joining the BRICS group carries promising prospects for a major transformation in Egypt's energy sector; through increased investment, exchange of expertise, and effective cooperation with BRICS members, Egypt can pave a path towards a brighter future for energy and comprehensive development, accelerating the transition to a more diverse, sustainable, and resilient energy landscape.

Convergence with the BRICS group helps to "promote the reforms that the Egyptian economic and investment environment has witnessed in recent years, in a way that enhances Egypt's chances of attracting more foreign investments.

Egypt's joining the BRICS alliance has many positive effects on the economy and comes within the framework of economic and investment openness; the main goal of the BRICS alliance is to rely on local currencies in trade exchange.

The volume of trade between Egypt and the BRICS alliance countries is 28 billion dollars, of which about 2.7 billion are Egyptian exports and 26 billion dollars are imports from BRICS countries to Egypt; Egypt's joining of the BRICS alliance will help reduce dependence on the dollar.

The volume of trade between Egypt and China exceeds 18 billion dollars, and Egypt has attracted significant Indian investments in recent months; India has also applied to the central bank to deal with Egypt in national currencies.

Resolving the dollar crisis will contribute to attracting global investors to Egypt.