Egyptian Foreign Minister: Support the use of local currency settlement within the BRICS framework

On September 11, Egyptian Foreign Minister Badr Abdulati stated that Egypt supports expanding the use of local currencies for settlement among BRICS countries. He said: "Egypt views BRICS countries as an important and growing model of economic cooperation and supports the expansion of the use of local currencies to conduct trade among member states." He said Cairo also advocated increasing trade volume and using preferential loans provided by the BRICS New Development Bank within the framework of the mechanism. The Egyptian Foreign Minister explained that Egypt's participation in the BRICS Summit reflects the country's commitment to strengthening its active participation in the mechanism and expanding cooperation with member states. BRICS countries account for about 40% of the global economy. (Jin Shi)