2 BRICS Nations To Create Electronic Trading Bridge in Local Currency

Egypt and Belarus, both affiliated with the BRICS alliance, have agreed to establish an electronic trading bridge to facilitate commerce in their local currencies. The initiative emerged from discussions during the Belarusian-Egyptian Business Forum, where a delegation from the Belarusian Universal Commodity Exchange (BUCX) visited Cairo. While Egypt is a full BRICS member, Belarus holds 'Partner Country' status—a designation extended to 13 nations in October 2023 to foster trade with Core members and promote local currency settlements.

The two nations identified key export commodities: Belarus will supply dairy products, feed additives, and timber, while Egypt will export fruit purees, juice concentrates, polymer products, and agricultural seeds. The agreement includes plans to share market analytics and mutually open their markets. Upon launch, the trading bridge will enable transactions settled directly in Egyptian pounds and Belarusian rubles, bypassing the US dollar.

This MOVE aligns with BRICS' broader strategy to reduce dollar dependency and bolster local currencies. The bloc's de-dollarization efforts aim to strengthen member economies, support cross-border trade, and stimulate GDP growth through currency sovereignty.