The Repercussions of Egypt’s Accession to Economic Blocs on the Egyptian Economy: BRICS as a Model

Abstract

Over the past decades, the international arena has witnessed fundamental political and economic changes, and the most important features of these changes are the emergence of international economic blocs on the scene with strength and clarity. This followed the collapse of the communist bloc and the dominance of the capitalist system and the market economy over international economic relations.
In this context, the BRICS bloc emerged and became one of the most prominent blocs with global economic and political power. It controlled about 31.5% of the global economy, and 17% of global trade.
BRICS also established the principle of multipolarity in international relations and sought to reduce the dominance of the United States of America and Western countries over the course of international relations economically and politically. It is expected that the prominent position of the BRICS will become clearer after the expansion and inclusion of more member states in the bloc, bringing the number of its members to eleven members starting in January 2024.
In addition to the BRICS’ tendencies towards further expansion during the coming periods of time. It is expected that the Egyptian economy will reap many economic opportunities and benefits because of joining this bloc, as well as facing some challenges that must be taken into consideration and overcome.