Comparative Economic Diplomacy: Iran and Egypt within the BRICS Framework

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Saradar Hamid; Taghvaeipour Ghasem; Bahrami Moghadam Sajad

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Journal Paper

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Journal: Diplomatic Interactions Year:2024 | Volume:2 | Issue:7 Page(s): 285-340

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Title

Comparative Economic Diplomacy: Iran and Egypt within the BRICS Framework

Author(s)

Saradar Hamid | Taghvaeipour Ghasem | Bahrami Moghadam Sajad | Issue Writer Certificate

Keywords

economic diplomacy

BRICS

Iran

Egypt

Multilateralism

Abstract

Introduction: The concept of BRICS was initially introduced in 2001, and the group was formally established in 2009 by five emerging economies: Brazil, Russia, India, China, and South Africa. Since then, its membership has expanded to include additional countries. BRICS is a coalition of emerging powers seeking to increase their influence in global political and economic decision-making. Unlike traditional international organizations, BRICS does not operate under a founding charter or a formalized institutional bureaucracy.At the 15th BRICS Summit held in Johannesburg in August 2023, six countries—Iran, Argentina, Ethiopia, the United Arab Emirates, Saudi Arabia, and Egypt—were invited to join the group. Iran and Egypt officially became members in January 2024, with their first participation as full members taking place during the Kazan Summit in November 2023.Although BRICS pursues collective goals, each member’s accession reflects its distinct national interests and strategic calculations. This article conducts a comparative analysis of Iran and Egypt’s objectives in joining BRICS. Accordingly, the central research question is: How can the economic diplomacy goals of Iran and Egypt be compared and explained within the framework of BRICS membership?Literature Review In the article “BRICS Expansion in the Middle East from the Political Economy Perspective”, the authors explore the interests of BRICS countries in securing energy resources, exerting political influence, and accessing the region’s economic potential. El Khodary and her colleagues specifically investigate the impact of Egypt’s accession to BRICS by analyzing several key indicators: the participation rate of BRICS countries in Egypt’s economy, the exposure rate and share of BRICS foreign direct investment (FDI) in Egypt relative to total FDI, as well as Egypt’s export opportunities in BRICS markets. Their study further examines how these variables have influenced the ratio of foreign assets in Egypt during the period from 2000 to 2024. As the literature review indicates, existing studies—including the aforementioned work—differ from the present article in terms of research focus and problem formulation. This study aims to comparatively assess Iran and Egypt’s approaches to BRICS membership through the lens of economic diplomacy.Methodology The research method employed in this article is comparative-analytical, and data collection is based on library and documentary sources. Information and data have been gathered through literature review and note-taking techniques. The conceptual framework of the study draws upon the work of Mireya Solís Okano-Heijmans, particularly her insights on economic diplomacy.ResultsThe findings of this study suggest that Iran’s objectives within BRICS are more politically driven, whereas Egypt’s motivations are primarily economic. Specifically, Iran views BRICS as a platform to advance Multilateralism—a political strategy aimed at counterbalancing Western structural pressures, particularly from the United States. In contrast, Egypt’s engagement is largely focused on diversifying its economic partnerships and attracting foreign investment.This divergence stems from the distinct political and economic constraints facing each country. While Iran seeks to mitigate geopolitical pressures and enhance its diplomatic flexibility through Multilateralism, Egypt aims to expand its access to international markets and reduce dependency on traditional partners.Nevertheless, both countries share common objectives, most notably the pursuit of economic and political Multilateralism. Furthermore, BRICS membership offers new avenues for cooperation and strategic autonomy. For both Tehran and Cairo, joining the bloc represents an opportunity to explore “new options” for advancing national development and economic growth.DiscussionIn a comparative analysis of the economic diplomacy goals of Iran and Egypt, it seems that Iran's first and second priorities for joining BRICS are mainly political, while Egypt's first to third priorities are mainly economic. However, benefiting from the capacity of the BRICS Bank is one of the goals shared by Iran and Egypt, which is the third priority for both countries. Conclusion This article aimed to comparatively examine the economic diplomacy goals of the Islamic Republic of Iran and the Arab Republic of Egypt, as two of the newly admitted members of BRICS. One key finding is that the differing political and economic constraints faced by Iran and Egypt have shaped their respective motivations for joining the bloc. For Iran, membership in BRICS represents a strategic effort to reduce structural pressures, particularly those stemming from U.S. sanctions—and to promote Multilateralism as a counterbalance to American unilateralism. Conversely, Egypt’s accession is primarily motivated by economic considerations, such as diversifying its international partners and expanding access to new markets. Another notable conclusion is that countries tend to be more effective in pursuing economic diplomacy when they (1) broaden the scope of their diplomatic engagements, (2) adopt innovative strategies, and (3) discontinue ineffective or outdated practices. The findings also highlight BRICS as a platform with considerable potential across economic, trade, industrial, technological, and financial sectors. Given Iran’s unique situation—particularly its continued exposure to Western sanctions—joining BRICS could offer valuable opportunities to reinvigorate its development trajectory. However, realizing these opportunities requires a comprehensive assessment of both the prospects and the challenges ahead to maximize alignment with national interests.

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