Hommam Al Nassim 
The Egyptian Minister of Trade and Industry, Ahmed Samir, revealed discussions between representatives of the public and private sectors in Egypt and the Central Bank of Egypt, to study conducting trade settlements with Russia in the national currencies of both countries.
The minister explained to the “Novosti” agency that the discussions aim to develop an effective mechanism for implementing these settlements and reflect a trend towards diversifying the Egyptian economy and reducing dependence on the US dollar in international transactions.
Samir’s statements came on the sidelines of his preparations to go with an Egyptian delegation to the Petersburg International Economic Forum, which will be held in two days.
This step also comes after Egypt joined the “BRICS” group, which seeks to limit the dominance of the financial system controlled by the United States, including the “SWIFT” banking correspondence system.
The Petersburg International Economic Forum (SPIEF) will be held from June 5 to 8, 2024 in the Russian city of Saint Petersburg. It is considered one of the most important economic and trade events in the world, as it brings together representatives of the business community to discuss key economic issues and exchange best practices and experiences for the sake of sustainable development.
The forum was held for the first time in 1997, and since 2006 it has become, under the patronage and participation of the President of the Russian Federation, over the past twenty years, a global platform for communication between representatives of the business community and discussion of the main economic issues facing Russia and emerging markets.
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