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AWIU devises list for trade exchange in local currencies with BRICS

The president of the Arab Women Investors Union Hoda Yassa said that the union has prepared a trade exchange list in local currencies that aims to increase Egyptian exports to the BRICS group, following Egypt’s recent accession to the bloc.

Yassa explained that this list includes furniture, textiles, ready-made clothing, and disinfectants – especially those designated for hospitals – agricultural materials, medicines, and cosmetics.

“With these sectors, we aim to increase Egyptian exports based on this advantage of dealing in local currencies instead of the dollar with member states, which will contribute to alleviating the pressure on the dollar,” she said.

The trade volume of the five BRICS countries (Brazil, Russia, China, India, and South Africa) represents about 30 percent of the volume of the global economy, Yassa added.

She said that trade volume will reach up to 50 percent if the accession of Egypt, UAE, Saudi Arabia, Ethiopia, Iran and Argentina into the bloc takes effect.

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