The cooperation mechanism of the BRICS group is an extremely attractive force for emerging economies. It is based on three main priority areas: politics and security, economic and financial cooperation, and humanitarian and cultural exchanges.

The accession of Egypt to BRICS and the invitation extended to Saudi Arabia are spontaneous acknowledgments of their roles as significant players in the balance of global power in the region, given the strength of the Egyptian military and the Saudi economy. This reflects the stance of both countries and the Arab states regarding the current developments in the Middle East, as well as the ongoing and intensive efforts for de-escalation and preventing the expansion of conflict into regional warfare, which poses a severe threat to the livelihoods of the peoples in the region, and to both regional and international peace and security. Additionally, discussions are underway to enhance multilateral cooperation and address the complex challenges currently facing the world politically and economically. This includes reforming the global financial structure to achieve the desired balance, especially concerning amplifying the voice and interests of developing countries in various international and regional forums.

This meeting has positive implications as it addresses the pressing issues stemming from geopolitical developments and the repercussions of the Israeli war in the region, especially if it extends to Iran. Among the shared priorities on the agenda are energy and climate issues, emphasizing that climate goals and tasks should not hinder economic development for the countries involved. This includes tackling the fragmentation of the multilateral trading system, resisting increasing protectionism, opposing unilateral trade restrictions, and enhancing coordination on multilateral platforms such as the World Trade Organization, the International Monetary Fund, and the Group of Twenty, in addition to increasing trade and direct investment.

Other objectives in the economic realm include promoting a fair transition to a low-carbon economy and improving cooperation in various fields such as industry, digitalization, agriculture, food security, energy, and transportation. The BRICS Vaccine Research and Development Center convened last September, focusing specifically on equitable access to vaccines against infectious diseases worldwide and the need for international cooperation to successfully respond to new challenges, including coordinated responses to threats posed by diseases. Cooperation among scientists and young innovators will be strengthened, along with an increase in cultural exchanges.

For Egypt, its presence in the BRICS grouping opens up vast opportunities for Egyptian exports, prioritizing trade exchanges with member countries. It allows participation in reshaping the global economic system, which is becoming inevitable after Iran's membership and the effort to challenge the dollar's dominance, as the BRICS group aims to strengthen the New Development Bank. Expanding BRICS means increasing the bank’s membership, which is significant. Whether it involves Saudi or Emirati capital, or the reliance of Egypt, Argentina, Ethiopia, and possibly Iran on the capital to be injected, the bank would be a welcome addition to the global financial structure.

Additionally, trade exchange between Egypt and BRICS countries rose to $31.2 billion in 2022, compared to $28.3 billion in 2021, according to a report from the Egyptian Consumer and Statistics Agency in August 2023.

Several challenges face the unified currency initiative: but what can we learn from the Bretton Woods Conference? Historically, the current global financial system, which relies on the US dollar, was established at the Bretton Woods Conference in 1944 post-World War II. Therefore, it is logical for BRICS countries to have similar aspirations of convening a comparable conference aimed at establishing a new financial system free from dollar dominance.

However, abandoning the dollar is not easy or quick, as it is estimated that approximately 88% of international trade transactions are conducted in dollars. Additionally, countries’ dollar reserves constitute a large portion of global monetary wealth, reinforcing the dollar's status as a safe-haven currency. 

If the BRICS countries truly wish to develop a unified currency, this project faces several challenges. First, there must be consensus among member states on the type of financial system they want to establish, beyond their economic orientations.

Second, creating a new currency requires a robust financial infrastructure, including international financial institutions capable of managing and distributing this currency, which will necessitate significant effort.

Moreover, Egypt seeks to elevate the voice of the Global South on various developmental issues and challenges, supporting the rights and interests of developing countries in creating a global system that grants more weight to emerging and developing nations. Both Saudi Arabia and Egypt aim to prevent the escalation of conflicts while attracting more investments, aiding in promoting the economic and investment reforms witnessed in both countries in recent years.

The view of Riyadh as a key player in the global energy markets, one of the largest economies in the G20, and one of the fastest-growing and politically influential countries in the Middle East is a factor that encourages BRICS to warmly welcome Saudi Arabia’s membership, as its accession is expected to have a direct impact on the group’s GDP, which accounts for a quarter of global GDP.

However, Saudi Arabia’s membership represents "a lucrative opportunity" for the country as it embarks on economic diversification and development while reducing reliance on Western blocs. Conversely, this accession

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