The Egyptian president was speaking during a meeting on Tuesday with his Russian counterpart, Vladimir Putin, on the sidelines of the BRICS summit, taking place in Kazan from 22 to 24 October.

El-Sisi also emphasised the need to leverage the current growth of the BRICS bloc to find effective solutions that protect the interests of member states from external restrictions or pressures, particularly regarding trade transactions between Egypt and Russia.

He expressed Cairo’s support for any efforts aimed at transforming the bloc into a platform that can effectively address the negative impacts resulting from the international crisis, El-Sisi added.

Additionally, El-Sisi praised the progress in Egyptian-Russian relations. He commended the development in the bilateral relations between both nations since the signing of the Egyptian-Russian Comprehensive Partnership and Strategic Cooperation Agreement in 2018.

He highlighted Moscow's valuable contribution to key national projects in Egypt, especially El-Dabaa nuclear power plant and the Russian Industrial Zone in the Suez Canal Economic Zone.

He mentioned that the Egyptian Parliament is finalising approval of the financing agreement for the project and stressed the importance of establishing a joint mechanism to ensure smooth implementation.

He also emphasised Cairo's desire to enhance both bilateral and multilateral cooperation with Russia, particularly within the BRICS framework.

Trade exchange with BRICS

Trade exchange between Egypt and BRICS countries rose by 15 percent to $30.2 billion in the first eight months of 2024, compared to $26.2 billion during the same period in 2023.

In the same period, Egypt's exports to BRICS nations reached $5.7 billion, up from $5.3 billion in 2023, a 7.3 percent rise, reported by the Central Agency for Public Mobilization and Statistics (CAPMAS) on Tuesday.

Additionally, BRICS investments in Egypt fell to $4.4 billion for the fiscal year 2023-2022, down from $19.5 billion in the previous year, according the CAPMAS.

BRICS was established in 2006, initially comprising Brazil, Russia, India, and China, with South Africa joining in 2011.

In 2023, the group expanded to include 5 additional countries, including Egypt.

In January 2024, Russia assumed the presidency of the bloc for the year.

The BRICS group unites major emerging economies, representing 41 percent of the global population, 24 percent of global GDP, and over 16 percent of world trade, according to the World Bank.

El-Sisi arrived earlier on Tuesday in Russia for the 16th BRICS Summit, marking Egypt's first participation as a member of the group since its official accession earlier this year.

The Egyptian president is also set to participate in the BRICS Plus Summit, which includes BRICS member states along with various countries and international organizations.

According to an earlier statement from the Egyptian presidency, El-Sisi is scheduled to hold side meetings with other leaders participating in the summit to discuss bilateral relations and regional and international issues of mutual interest.

During his virtual speech at the BRICS Business Forum held on Friday, El-Sisi highlighted Egypt's significant progress in economic reform and comprehensive development and the country's efforts to build a more sustainable economy amid the ongoing challenges.

Israeli escalation

During the meeting, El-Sisi and Putin also exchanged views regarding the Israeli escalation in Gaza and Lebanon. They emphasised the critical importance of de-escalation in the Middle East, citing the negative regional and international consequences of the current conflict.

The two presidents called for an immediate ceasefire in Gaza and Lebanon, urging de-escalating tensions and avoiding any actions that might worsen the situation.

In this regard, El-Sisi emphasised to Putin the importance of facilitating humanitarian aid delivery to Gaza, supporting Lebanon and upholding its sovereignty, security, and stability, according to the statement.

The meeting also addressed several pressing international issues, including the Russian-Ukrainian crisis.

El-Sisi highlighted Egypt's stance advocating for diplomatic solutions and political settlements that focus on upholding international peace and security while protecting rights.