The UAE's inclusion in the Brics group reflects its dedication to multilateralism and constructive dialogue, with the goal of fostering development, prosperity, and well-being globally, according to a senior official.
This step is in line with the UAE's consistent strategy of forming alliances with countries, international organizations, and institutions to boost its economic competitiveness and sustainability and to discover new growth avenues. Younis Haji Al Khoori, Under-Secretary of the Ministry of Finance, highlighted that the UAE's strategic partnerships have successfully promoted its global initiatives, and joining Brics is consistent with the 'We the UAE 2031' vision, aiming to enhance the UAE's role as a strategic partner in global economic collaboration.
Al Khoori noted that the UAE's Brics membership will bolster efforts to establish balanced economic relationships, promote sustainable national economic growth, and strengthen its presence in emerging and developing markets. He mentioned that this involves numerous projects and long-term partnerships with international organizations like the World Bank Group and the International Monetary Fund to foster balanced global prosperity.
He also stated that the UAE's leadership in international trade cooperation, exemplified by hosting the 13th WTO Ministerial Conference in February 2024, has enabled the country to tackle critical global issues, leading to Comprehensive Economic Partnership Agreements that solidify the UAE's role in global trade and enhance its ability to support regional and global economic growth.
Al Khoori emphasized that the UAE aims to enhance economic cooperation with Brics nations by identifying opportunities to boost trade, ensure financial stability, and support sustainable development goals. Through its Brics membership, the UAE seeks to lead in shaping initiatives that strengthen 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.
Thuraya Hamed Al Hashimi, Director of the International Financial Relations and Organisations Department at the Ministry of Finance, became the first Emirati and Arab woman to join the New Development Bank's board of directors.
Regarding the UAE's participation in the Brics financial track, Al Khoori mentioned that the Ministry of Finance has activated the UAE's Brics financial track team, enabling effective participation with Brics chair countries through ministerial and technical level meetings. These meetings discussed various topics, including the development of monetary and financial systems, potential methods for infrastructure financing, and the role of multilateral finance in enhancing the attractiveness of infrastructure investment projects.
On financial cooperation mechanisms with Brics countries, Al Khoori said: '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 collaboration with Brics in tax and customs matters, including mutual administrative assistance in customs, data exchange, training center collaboration, and technical cooperation in tax administration to enhance tax digitalisation.
Regarding 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 noted that strengthening ties with Brics countries aims to boost the UAE financial sector's resilience through technological and structural advancements that enhance the efficiency of financial institutions. This includes maintaining the UAE's strong financial standing, supported by a flexible legislative framework and advanced digital infrastructure.
Al Khoori highlighted the economic significance of Brics, stating, 'The expansion of Brics membership in 2024 has significantly enhanced the group's economic standing, 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 per cent of the global GDP.'
He affirmed that the UAE's membership in this group presents an exceptional opportunity to create vast economic, trade, and investment prospects with member countries, contributing to the UAE's long-term sustainable economic growth and reinforcing its position as a leading global economic hub.
