President His Highness Sheikh Mohamed bin Zayed Al Nahyan attended today the 16th BRICS Summit, inaugurated by His Excellency Vladimir Putin, President of the Russian Federation, in the Russian city of Kazan. This marks the UAE’s first participation in the summit as a full member of BRICS.
The 16th BRICS Summit, chaired by Russia this year, is being held under the theme ‘Strengthening Multilateralism for Equitable Global Development and Security’. It brings together leaders and heads of government from BRICS countries, as well as representatives from invited nations and various international organizations.
Earlier, the UAE President arrived at the Kazan Expo International Exhibition Center, the venue for the summit, joining other participating leaders for an official group photo.
Accompanying the UAE President on this visit are 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, and a number of ministers and senior officials.
16th BRICS Summit
Extending until October 24, the 16th BRICS Summit will focus on key issues including financing, technology, food trade, and expanding the union’s membership.
Key attendees this year include UN Secretary-General Antonio Guterres, Shanghai Cooperation Organization (SCO) Secretary-General Zhang Ming, and New Development Bank (NDB) president Dilma Rousseff, alongside officials from the Commonwealth of Independent States (CIS) and the Eurasian Economic Union.
BRICS, comprising Brazil, Russia, India, China, and South Africa, recently expanded to include Egypt, Ethiopia, Iran, and the UAE. Russia’s President Vladimir Putin previously revealed that 34 additional countries have expressed interest in joining, including Türkiye.
Summit addresses global, regional issues
According to the Kremlin, today’s meeting agenda includes an exchange of views on both global and regional issues. The meeting is discussing the three main areas of cooperation that Russia outlined: politics and security, economics and finance, and cultural and humanitarian contacts.
The 16th BRICS Summit will also pay particular attention to the issue of possible expansion of BRICS through the establishment of a new category of ‘partner states’ for the association.
In his address at the meeting, Putin proposed the creation of a new BRICS investment platform to support national economies and countries of the Global South and East. Putin also proposed the launch of a special mechanism for consultations among BRICS countries on issues pertaining to the World Trade Organization. He added that the creation of a BRICS grain exchange will help protect national markets from ‘negative external influence’.
The three-day summit, which began on Tuesday, will continue until Thursday. Arriving today is Turkish President Recep Tayyip Erdogan, who is set to attend as a guest and meet on the summit’s sidelines with Putin.
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Trade and investment
BRICS nations are pushing to reduce reliance on the U.S. dollar in trade, a key discussion topic in the 16th BRICS Summit. President Putin noted that, by 2023, the use of the U.S. dollar and euro in Russia’s exports had halved. Meanwhile, the Russian ruble’s share in exports and imports surged to 40 percent.
Russia now conducts trade with China, India, Central Asia, and Africa in local currencies. The BRICS Bridge project, currently under development, aims to establish a multilateral digital payment platform to further reduce dependence on the dollar. The system will likely incorporate blockchain technology and align with central bank digital currencies.
With the addition of five new members this year, the union now comprises nine countries, holding an increasingly significant role in the global economy. BRICS nations account for approximately 30 percent of the world’s land area, 45 percent of the global population, and 45 percent of global oil production. Together, they also facilitate about a quarter of the world’s trade.
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