UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan engaged with several global leaders and heads of delegations attending the 2024 BRICS Summit, currently taking place in Kazan, chaired by the Russian Federation.
His Highness held discussions with notable figures, including His Excellency Abdel Fattah El-Sisi, President of Egypt; His Excellency Dr. Masoud Pezeshkian, President of Iran; His Excellency Xi Jinping, President of China; His Excellency Cyril Ramaphosa, President of South Africa; His Excellency Narendra Modi, Prime Minister of India; and His Excellency Dr. Abiy Ahmed Ali, Prime Minister of Ethiopia.
Focus on cooperation and partnerships
The conversations centered on enhancing cooperation between the UAE and these nations, focusing on economic, trade, and developmental opportunities, along with other sectors that foster growth and prosperity for all involved. The discussions highlighted the significance of building partnerships that promote mutual progress and welfare for their populations.
Additionally, the agenda of the BRICS Summit was addressed, along with efforts to strengthen multilateral collaboration aimed at creating a more prosperous and stable future.
On Wednesday, His Highness Sheikh Mohamed attended the 16th BRICS Summit, which was inaugurated by His Excellency Vladimir Putin, President of Russia, in Kazan. This marks the UAE’s inaugural participation as a full member of BRICS.
Thematic focus of the summit
The summit, which runs until October 24, is themed ‘Strengthening Multilateralism for Equitable Global Development and Security,’ and gathers leaders from BRICS countries, along with representatives from invited nations and various international organizations.
Arrival and group photograph
Upon arriving at the Kazan Expo International Exhibition Center, the summit venue, the UAE President joined fellow leaders for an official group photograph. He was accompanied by H.H. Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Foreign Affairs; H.H. Sheikh Hamdan bin Mohamed bin Zayed Al Nahyan, Deputy Chairman of the Presidential Court for Special Affairs; Sheikh Mohammed bin Hamad bin Tahnoun Al Nahyan, Adviser for Special Affairs at the Presidential Court, along with several ministers and senior officials.
Read more: Algeria joins BRICS New Development Bank: A new era in economic collaboration
16th BRICS Summit
Running until October 24, the summit will address critical topics such as financing, technology, food trade, and the expansion of BRICS membership. Moreover, notable attendees this year include UN Secretary-General Antonio Guterres, Shanghai Cooperation Organization Secretary-General Zhang Ming, and New Development Bank President Dilma Rousseff, alongside officials from the Commonwealth of Independent States and the Eurasian Economic Union.
Additionally, BRICS, which originally included Brazil, Russia, India, China, and South Africa, has recently welcomed Egypt, Ethiopia, Iran, and the UAE as new members. President Putin has indicated that 34 additional countries have shown interest in joining, including Türkiye.
Summit addresses global and regional issues
According to the Kremlin, the agenda for today’s meeting includes discussions on both global and regional matters. The focus will be on three main areas of cooperation outlined by Russia: politics and security, economics and finance, and cultural and humanitarian exchanges.
The summit will also consider the potential expansion of BRICS through the introduction of a new category for ‘partner states.’ In his address, President Putin proposed establishing a BRICS investment platform aimed at supporting the economies of Global South and East nations. He also suggested launching a special consultation mechanism among BRICS countries regarding World Trade Organization matters, and creating a BRICS grain exchange to safeguard national markets from adverse external influences.
Furthermore, the three-day summit, which commenced on Tuesday, will conclude on Thursday. In addition, Turkish President Recep Tayyip Erdogan is expected to arrive today as a guest and will engage with President Putin on the summit’s sidelines.
Trade and investment
A significant topic of discussion at the 16th BRICS Summit is the push among BRICS nations to diminish reliance on the U.S. dollar in trade. President Putin noted that by 2023, the use of the U.S. dollar and euro in Russia’s exports had decreased by half, while the share of the Russian ruble in trade surged to 40 percent.
Russia is now conducting trade with China, India, Central Asia, and Africa using local currencies. The BRICS Bridge project, currently in development, aims to create a multilateral digital payment platform to further reduce dollar dependence, likely incorporating blockchain technology and aligning with central bank digital currencies.
With the recent addition of five new members, BRICS now further comprises nine countries, playing an increasingly pivotal role in the global economy. Collectively, BRICS nations represent approximately 30 percent of the world’s land area, 45 percent of the global population, and 45 percent of global oil production, facilitating about a quarter of the world’s trade.
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