IDSC Highlights Outcomes of BRICS Summit

The Egyptian Cabinet's Information and Decision Support Center (IDSC) issued on Thursday a new analysis that sheds light on the outcomes of the BRICS summit that took place this week in South Africa.

The new analysis demonstrated how Egypt's presence within BRICS can allow it to benefit from the achievement of the group's goals and contribute to creating a global system that empowers emerging economies.

In this analysis, IDSC said that Egypt's membership in the New Development Bank of BRICS grants it access to financing for its developmental projects.

Furthermore, the analysis highlighted the significance of this bloc, saying that the combined GDP of BRICS member states accounted for about $25.9 trillion in 2022, representing 25.6 percent of the $101 trillion global GDP in the same year.

It also noted that these big countries have shown rapid economic growth rates, making them among the world's largest economies. China is the world's second-largest economy after the United States.

Regarding trade impact in 2022, IDSC's analysis pointed out that China led the world with around 15 percent of global exports and ranked second in imports with over 11 percent. However, the influence is not limited to China; Russia, the world's second-largest fuel exporter, ranked 15th globally in exports, while India was 21st in exports and 17th in imports.

Additionally, it showed that South Africa's strengths lie in mining, precious stones, particularly pearls, and it ranks fifth globally in mineral exports, while Brazil excels in agricultural products.

It further mentioned that the BRICS member states cover about 26 percent of the world's land area and account for around 40.9 percent of the global population, with 3.25 billion out of 7.95 billion in 2022.

This vast population represents a significant global labor, production, distribution, and consumption market, IDSC concluded.