Egypt applies to join BRICS bloc

Egypt applies to join BRICS bloc, confirms Russian envoy

RIYADH: In a bid to enhance trade and economic cooperation, Egypt has officially applied to join the five-member BRICS bloc of emerging economies, according to Georgy Borizenko, the Russian ambassador to Cairo.?

The BRICS group comprises Brazil, Russia, India, China and South Africa.

“Egypt has applied to join the BRICS group because one of the initiatives that BRICS is currently engaged in is the maximum transfer of trade to alternative currencies, whether national or the creation of some kind of joint currency. Egypt is very interested in this,” said Borizenko.?

The Russian envoy also added that Egypt wants to boost ties with Russia.

“New payment mechanisms are being created for trade transactions,” he added.

The confirmation regarding Egypt’s request to join BRICS comes a few days after the foreign ministers of member states held a meeting in Cape Town, which also witnessed the attendance of diplomats from other countries, including Egypt, Iran, Saudi Arabia and the UAE.?

In February, Egypt joined the BRICS New Development Bank, which could boost the country’s infrastructure and solve its ongoing economic crisis. Lawmakers of the country welcomed this step as it could help the crisis-hit nation to reduce demand for US dollars.

On June 13, Egyptian Supply Minister Ali Moselhy said that the country is planning to pay for imports from India, China and Russia in their local currencies instead of the US dollar.

“Nothing of the sort has been implemented, but there are discussions so that we can trade in local currencies of countries like India, Russia or China,” said Moselhy, according to Reuters.?

Meanwhile, Egypt’s annual urban consumer inflation rate in May accelerated to 32.7 percent from 30.6 percent in April, primarily driven by increased food prices, according to the country’s statistics agency CAPMAS.?

The report stated that Egypt’s month-on-month urban inflation also witnessed a surge, as it went up to 2.7 percent in May from 1.7 percent in April.

Egypt applies to join BRICS bloc, confirms Russian envoy (arabnews.com)

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Russia to open embassy branch in Jerusalem

The development seems to fly in the face of concerns raised by Russia in the past about such moves hindering a Middle East peace process.

By World Israel News Staff

In a landmark agreement signed last month, Russia is slated to open a new branch of its embassy in Jerusalem as part of a real estate deal with the municipality.

The Russian Foreign Ministry announced the development on Friday, saying that the deal over a disputed plot of land in central Jerusalem, which Russia acquired in 1885, was signed with Jerusalem’s municipality on May 18.

The new property will serve as the consular section of the embassy, housing a complex of buildings providing consular services to the residents of Jerusalem and its surrounding areas as well as housing diplomats.

The development seems to fly in the face of concerns raised by Russia in the past regarding former President Donald Trump’s recognition of Jerusalem as Israel’s capital and his subsequent decision to move the U.S. embassy there. At the time, Russian President Vladimir Putin said that the move undermined prospects for a Middle East peace process and in February 2019, Russia formally announced it had?no intention of moving its own embassy?to Jerusalem.

The statement from Russia’s foreign ministry, which was first published by the?Israel Hayom?daily, stated that the new embassy branch would, however, open “in line with our country’s unchanging course towards a fair Middle East settlement.”

As part of the deal, the city has pledged not to expropriate the land for the benefit of a forthcoming light rail line, instead opting for alternative transportation arteries. The city will also allow Russia to register as the owners of a 100-meter area to be used for the road to the future diplomatic compound. Moreover, the city has agreed to drop any suits or demands from Russia, which has traditionally avoided paying taxes as legally required.

Under the agreement, the land will be accorded a higher status than that of a consulate and the construction of the compound is expected to be completed within five years.

The agreement, signed in the Mayor’s office on Jerusalem Day, is the result of six months of negotiations involving Mayor Moshe Lion, Foreign Minister Eli Cohen (Likud), Russian Ambassador to Israel Anatoly Viktorov, Sergei Makarov acting on behalf of Russia’s Deputy Foreign Minister Mikhail Bogdanov, and others.

Remarks: Surprise? Wonder? No. Do you know this rotten building - named "Russian Embassy" in Tel Aviv? A cheap deal with interesting political intentions. Excellent win-win!" UvM

Russia to open embassy branch in Jerusalem | World Israel News

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