Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Egypt and BRICS... Promising Opportunities There is no doubt that Egypt's membership in the BRICS group opens up promising prospects for cooperation with the economies
Egypt and BRICS... Promising Opportunities There is no doubt that Egypt's membership in the BRICS group opens up promising prospects for cooperation with the economies of its members, increasing the opportunities for trade exchange, bolstering the competitiveness of the Egyptian economy, and aiding in the attraction of more investments to the competitive business environment in Egypt. The BRICS countries also represent an important source of foreign investment flows, opening up more options for Egyptian companies and capitals. By possessing membership in BRICS, Egypt wants to develop alternative supply chains, promote economic growth, diversify the economy, minimize costs, develop e-commerce and market integration, and cooperate with the other BRICS countries - which now will also include fellow members Saudi Arabia and the UAE. Egypt has good relations with these countries, while they are all members of the same Free Trade bloc - the Greater Arab Free Trade Area (GAFTA). These positive effects of BRICS membership are expected to help economic reforms, increase production volume, increase the competition of Egyptian goods abroad, stimulate Egyptian exports, increase trade exchanges, and attract direct and joint investment. Moreover, Joining BRICS is expected to boost foreign direct investments (FDI) and exports and deepen economic cooperation and
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started