The United Arab Emirates’ recent accession to the Brics group signifies a significant commitment to fostering international partnerships and promoting global economic cooperation. Younis Haji Al Khoori, Under-Secretary of the Ministry of Finance, highlighted the UAE’s dedication to multilateralism and constructive dialogue to support development, prosperity, and wellbeing worldwide. The UAE’s strategic partnerships with various countries align with the vision of “We the UAE 2031” and aim to enhance economic competitiveness and explore new growth opportunities.
Al Khoori emphasized that the UAE’s membership in Brics will lead to balanced economic relations, sustainable national growth, and solidification in emerging markets. By collaborating with other Brics nations and international organizations like the World Bank Group and the International Monetary Fund, the UAE aims to promote balanced prosperity globally. Hosting the 13th WTO Ministerial Conference and signing Comprehensive Economic Partnership Agreements further strengthens the UAE’s role in international trade and economic growth.
In terms of economic cooperation, the UAE seeks to identify opportunities to enhance trade, promote financial stability, and support sustainable development goals within the Brics group. By playing a leading role in shaping global economic cooperation initiatives, the UAE aims to advocate for economic multilateralism and ensure inclusivity and equity in the global economic landscape. The UAE also aims to advance the development agenda of the New Development Bank to benefit emerging markets and developing countries.
Thuraya Hamed Al Hashimi became the first Emirati and Arab woman to join the New Development Bank’s board of directors, reflecting the UAE’s commitment to gender diversity and representation. The Ministry of Finance has activated the UAE’s Brics financial track team to facilitate effective participation in discussions surrounding monetary and financial systems, infrastructure financing, and multilateral finance. The UAE’s proactive approach in shaping global economic cooperation policies highlights its commitment to financial stability and robust economic growth.
The UAE aims to bridge cooperation with Brics countries to achieve common goals, including financial stability, sustainable development, and enhanced trade and financial cooperation in the Global South. By exploring collaboration in tax and customs matters, such as mutual administrative assistance and technical cooperation, the UAE seeks to enhance tax digitalization and strengthen financial institutions. The country’s membership in Brics opens new avenues for collaboration and fosters exceptional opportunities for UAE financial institutions to engage with counterparts in Brics nations.
Al Khoori emphasized the economic significance of Brics, which now represents around 45 percent of the world’s population and 25 percent of global exports, with a combined GDP accounting for 29 percent of the global GDP. The UAE’s membership in Brics presents extensive economic, trade, and investment prospects with member countries, contributing to long-term sustainable economic growth and reinforcing the country’s position as a leading global economic hub. Through active participation and collaboration with Brics, the UAE aims to enhance its financial sector resilience, promote technological advancements, and maintain a strong financial standing supported by advanced digital infrastructure.
