Egyptian President Abdel Fattah El-Sisi has called for greater reliance on local currencies in trade and financial transactions among BRICS member states, stressing the importance of enhancing economic cooperation and reducing dependence on foreign currencies.
In a virtual address to the extraordinary BRICS summit, El-Sisi proposed five key priorities that he said are essential to addressing the deeply concerning reality facing the world today.
At the top of priorities was the launch of joint projects in critical sectors, including renewable energy, advanced technologies, and artificial intelligence.
He emphasized that such partnerships would not only promote innovation but also strengthen the economic resilience of member countries.
The president further underlined the need to settle commercial and financial transactions in national currencies, describing this as a vital step to ease cross-border trade, expand access to financing, and reduce exposure to global currency fluctuations.
He noted that the New Development Bank could play a central role in supporting this transition.
Another priority, El-Sisi added, is to deepen coordination within BRICS on reforming the global financial structure and tackling debt challenges, an issue that has increasingly burdened many emerging economies.
Finally, the Egyptian leader highlighted the urgency of collective action on climate change, warning against unilateral policies adopted by some countries under the pretext of environmental protection. He stressed that such approaches risk undermining the development goals of others.
