Egypt and Russia Expand Trade and Energy Ties at BRICS 2024

Egyptian President Abdel Fattah El-Sisi met with Russian President Vladimir Putin on the sidelines of the BRICS Summit in Kazan to discuss enhancing economic cooperation and advancing key national projects. The talks focused on boosting trade, energy partnerships, and expanding joint investments as part of Egypt’s growing role in the global economy through its new membership in BRICS.

El-Sisi emphasized the importance of trading in local currencies within the BRICS framework to reduce dependency on the U.S. dollar and help reform the international financial system. He also stressed Egypt’s commitment to deepening ties with Russia in strategic sectors like nuclear energy, industry, and infrastructure development.

A major focus of the discussions was the Dabaa Nuclear Power Plant, which Russia is building in Egypt. El-Sisi expressed his desire to see the financial agreement for the project ratified soon by the Egyptian Parliament, underscoring the importance of the plant for Egypt’s energy strategy. The leaders also discussed the progress of the Russian Industrial Zone in the Suez Canal Economic Zone (SCZone), a project expected to boost industrial cooperation and attract Russian investment, enhancing Egypt’s status as a regional trade hub.

Putin praised Egypt as a reliable and trusted partner, highlighting the significant progress made since the signing of the 2018 Comprehensive Strategic Cooperation Agreement. He noted that Egypt accounts for one-third of Russia’s total trade with Africa, underlining the importance of economic cooperation between the two countries. The Russian president also expressed Moscow’s interest in further expanding bilateral trade and supporting Egypt’s development initiatives.

El-Sisi’s participation in the BRICS Summit marks Egypt’s first involvement as a full member of the bloc, signaling a new chapter in its efforts to diversify alliances and build strategic partnerships. Both leaders discussed the potential of BRICS to offer Egypt new trade and investment opportunities while reducing reliance on Western financial systems. They agreed on the importance of strengthening South-South cooperation to create a more balanced global economic order.