The UAE’s inclusion in the BRICS group as an active member has significantly supported the country’s long-standing approach of building partnerships with countries, international organizations and institutions to enhance the competitiveness and sustainability of its economy and explore new growth opportunities.
The UAE’s BRICS membership has also reiterated the country’s commitment to multilateralism and constructive dialogue to support the development, prosperity and well-being of nations worldwide along with member states including Brazil, Russia, India, China, South Africa, Iran, Egypt and Ethiopia.
In a statement to WAM, Younis Haji Al Khoori, under-secretary of the Ministry of Finance, recently emphasized that the UAE’s strategic partnerships have effectively showcased its key initiatives globally. He added that joining BRICS aligns with the “We the UAE 2031” vision which seeks to strengthen the UAE’s role as a strategic partner in promoting global economic cooperation.
In 2023, the UAE announced that it joined the group after leaders of the five countries met during August 22-24, 2023, in Johannesburg for the 15th BRICS summit.
The expansion of BRICS memberships in 2024 has significantly enhanced the group’s economic standing. It now represents around 45 percent of the world’s population and 25 percent of global exports. In addition, the total GDP of BRICS members accounts for 29 percent of the global GDP.
Fostering international trade cooperation
Al Khoori said that the UAE’s BRICS membership will strengthen efforts to build balanced economic relations. Moreover, it will advance sustainable national economic growth and solidify its position in emerging and developing markets. “It involves numerous projects and initiatives with other BRICS nations and long-term partnerships with international organizations, including the World Bank Group and the International Monetary Fund, to promote balanced prosperity worldwide,” he added.
The UAE is a leader in fostering international trade cooperation. In February 2024, the country hosted the 13th WTO Ministerial Conference which has enabled it to address critical global issues. This also led to comprehensive economic partnership agreements, solidifying the UAE’s role in global trade.
Al Khoori explained that the UAE aims to boost economic cooperation with BRICS nations by identifying opportunities to:
- Enhance trade
- Promote financial stability
- Support sustainable development goals
Through its BRICS membership, the UAE also seeks to play a leading role in shaping initiatives that strengthen its position in global economic cooperation and advocate for economic multilateralism.
Inclusive global economic landscape
Among the UAE’s priorities is also balancing between global policy priorities and the needs of the Global South. With a commitment to inclusivity and equity in the global economic landscape, the UAE seeks to ensure that international policies effectively consider the interests of developing nations.
“It will advance the development agenda of the New Development Bank concerning emerging markets and developing countries, where the bank is a key tool for promoting BRICS development priorities,” he added.
Al Khoori also highlighted the achievement of Thuraya Hamed Al Hashimi, director of the International Financial Relations and Organisations Department at the Ministry of Finance, as the first Emirati and Arab woman to join the New Development Bank’s Board of Directors.
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Boosting financial cooperation
On financial cooperation mechanisms with BRICS countries, Al Khoori said that the UAE aims to bridge cooperation to achieve common goals. This includes financial stability, growth and sustainable development. The UAE also seeks partnerships to strengthen trade and financial cooperation to support economic growth in the Global South.
“The UAE aims to support these efforts through knowledge exchange to contribute to building a global economic and financial framework that upholds the highest standards of justice, balance, representation, and inclusivity, grounded in the principles of economic multilateralism,” he added.
Notably, the UAE is exploring collaboration with BRICS in tax and customs matters. This includes mutual administrative assistance in customs, data exchange and training center collaboration. Furthermore, it encompasses technical cooperation in tax administration to enhance tax digitalization.
“The UAE’s membership in BRICS represents a strategic achievement for its financial sector, opening new avenues for collaboration and creating exceptional opportunities for UAE financial institutions to engage with their counterparts in BRICS countries,” he added.
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