The United Arab Emirates‘ recent entry into the BRICS coalition underscores its dedication to multilateralism and productive dialogue, aiming to foster global development, prosperity, and overall wellbeing.
This strategic move aligns with the UAE’s ongoing efforts to forge partnerships with various nations, international organizations, and institutions, enhancing its economic competitiveness and sustainability while exploring new growth avenues.
Younis Haji Al Khoori, Under-Secretary of the Ministry of Finance, highlighted that the UAE’s participation in BRICS effectively showcases its global initiatives. He noted that this alignment with the “We the UAE 2031” vision is set to fortify the UAE’s role as a strategic partner in global economic cooperation.
In a statement, Al Khoori emphasized that UAE’s membership in BRICS will bolster efforts to build equitable economic relationships, advance sustainable growth, and strengthen its foothold in emerging and developing markets. “It involves numerous projects and initiatives with other BRICS nations and long-term partnerships with international organisations, including the World Bank Group and the International Monetary Fund, to promote balanced prosperity worldwide,” he added.
Al Khoori also pointed out that the UAE’s leadership in international trade cooperation, exemplified by hosting the 13th WTO Ministerial Conference in February 2024, has enabled the nation to tackle critical global issues.
This leadership has led to Comprehensive Economic Partnership Agreements, reinforcing the UAE’s role in global trade and its capacity to support economic growth regionally and globally.
He elaborated that the UAE is focused on enhancing economic collaboration with BRICS countries by identifying opportunities to boost trade, promote financial stability, and support sustainable development goals. Through its BRICS membership, the UAE aims to be a key player in shaping initiatives that enhance its role in global economic cooperation and advocate for economic multilateralism.
The UAE aims to balance global policy priorities with the needs of the Global South, Al Khoori stated. “Committed to inclusivity and equity in the global economic landscape, the UAE strives to ensure that international policies effectively consider the interests and perspectives 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 further added.
Al Khoori also highlighted the achievement of Thuraya Hamed Al Hashimi, the first Emirati and Arab woman to join the New Development Bank’s Board of Directors, as a notable milestone.
Regarding the UAE’s engagement in the BRICS financial track, Al Khoori noted that the Ministry of Finance has mobilized the UAE’s BRICS Financial Track team. The ministry’s efforts have facilitated effective participation with BRICS chair countries, particularly through a series of ministerial and technical meetings.
These discussions have covered topics such as developing monetary and financial systems, potential infrastructure financing methods, and the role of multilateral finance in enhancing the attractiveness of infrastructure investment projects. Al Khoori mentioned that these active participations reflect the UAE’s proactive stance in shaping global economic cooperation and financial stability policies, especially in the Global South.
On financial cooperation mechanisms with BRICS countries, Al Khoori remarked, “The UAE looks to bridge cooperation to achieve common goals, including financial stability, growth, sustainable development, and strengthening 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.”
Al Khoori affirmed that the UAE is exploring collaborative efforts with BRICS in tax and customs areas, including mutual administrative assistance, data exchange, training centre collaboration, and technical cooperation in tax administration to advance tax digitalisation.
Discussing the impact of UAE’s BRICS membership on its financial sector, Al Khoori said, “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 highlighted that strengthening connections with BRICS nations aims to bolster the resilience of the UAE financial sector through technological and structural advancements, maintaining the UAE’s strong financial standing supported by a flexible legislative framework and advanced digital infrastructure.
Al Khoori underscored the economic significance of BRICS, stating, “The expansion of BRICS membership in 2024 has significantly enhanced the group’s economic stature, now representing around 45 percent of the world’s population and 25 percent of global exports. The combined GDP of BRICS members accounts for 29 percent of the global GDP.”
He concluded that the UAE’s membership in this group offers exceptional prospects for economic, trade, and investment opportunities with member countries, contributing to the UAE’s long-term sustainable economic growth and reinforcing its position as a prominent global economic hub.
