Dr Mohamed Hegazy, Advisor to the Ministry of Local Development and International Cooperation, Egypt, has said that the BRICS (Brazil, Russia, India, China, South Africa) alliance is an alternative and not a competition to Western powers.
He said that contrary to claims that BRICS is a competitor to financial institutions like the International Monetary Fund (IMF) and the World Bank, the alliance serves as an international alternative for Africa to break away from Western and American dependence.
“BRICS is not a competitor to financial institutions like the IMF or the World Bank, rather a political-economic alternative for African countries,” he said.
Dr Hegazy told young African Journalists during a training program in Cairo, Egypt, that the alliance represented a new world order for the empowerment of African economies.
He was speaking on the theme “Egypt – BRICS: a strategic framework for a new global economic and political development.”
Dr Hegazy said the BRICS economic system, which aims at strengthening political-economic cooperation between African countries, will break the monopoly of the West on African institutions.
According to him, BRICS will not only be a voice to compensate for the debts accumulated by African nations but also promote understanding between States and food production.
“This new economic system will put an end to the monopoly of the West on African institutions,” he noted.
Dr Hegazy stated that as an alternative, the BRICS alliance is reshaping the world order by shifting power from the Global North to the Global South and has become a significant forum for addressing critical global issues such as trade, finance, climate change, and energy security.
He stated that one of the advantages of the alliance was the prospect of supporting smaller economies without any ulterior political agenda or indirect manipulation of local economies.
Dr Hegazy said that six countries, including Egypt, Iran, Argentina, Ethiopia, Saudi Arabia and the Arab Emirates, were in the process of joining the BRICS from January 1, 2024.
BRICS was founded on June 16, 2009, by Brazil, Russia, India and China originally as BRIC until South Africa joined the alliance in December 2010.
The alliance aims to promote political stability and increase, deepen, and broaden economic cooperation among its member countries to enhance sustainable growth.
