UAE Joins BRICS to Enhance Global Development and Economic Cooperation

UAE, 2 September, 2024 : The UAE's accession to the BRICS group underscores its commitment to multilateralism and global economic cooperation. This move aligns with the UAE's strategy of forging partnerships to enhance economic competitiveness and explore new growth opportunities.

Younis Haji Al Khoori, Under-Secretary of the Ministry of Finance, highlighted that the UAE's BRICS membership supports the "We the UAE 2031" vision by strengthening its role in global economic cooperation. Al Khoori noted that the UAE's involvement will bolster balanced economic relations, sustainable growth, and its position in emerging markets.

The UAE’s leadership in international trade, exemplified by hosting the 13th WTO Ministerial Conference, has paved the way for Comprehensive Economic Partnership Agreements, enhancing its global trade role. The UAE aims to leverage its BRICS membership to advance trade, financial stability, and sustainable development goals.

Al Khoori emphasized the UAE’s commitment to inclusivity in global economic policies and its support for the New Development Bank's development priorities for emerging markets. He also highlighted Thuraya Hamed Al Hashimi’s achievement as the first Emirati and Arab woman on the New Development Bank's Board of Directors.

The UAE’s BRICS membership will enhance financial cooperation, with the Ministry of Finance activating a BRICS Financial Track team. This includes participating in discussions on monetary systems, infrastructure financing, and multilateral finance.

Al Khoori stressed that the UAE seeks to bridge cooperation on financial stability, growth, and sustainable development, aiming to build a fair and inclusive global economic framework. He also noted the strategic advantage for the UAE’s financial sector, with new collaboration opportunities and advancements in digital infrastructure.

With BRICS representing 45% of the world’s population and 29% of global GDP, the UAE’s membership offers significant economic, trade, and investment opportunities, reinforcing its position as a global economic hub.

Source : www.wam.ae