UAE and Brics: Partnership seeking to enhance global development, prosperity

The UAE’s accession to the Brics group has embodied its commitment to multilateralism and constructive dialogue, aiming to support development, prosperity, and wellbeing for nations worldwide, a senior official said.

This move aligns with the UAE’s long-standing approach of building partnerships with countries, international organisations, and institutions to enhance the competitiveness and sustainability of its economy and explore new growth opportunities.

Younis Haji Al Khoori, Under-Secretary of the Ministry of Finance, emphasised that the UAE’s strategic partnerships have effectively showcased its key initiatives globally, adding that joining Brics aligns with the “We the UAE 2031” vision, aiming to strengthen the UAE’s role as a strategic partner in promoting global economic cooperation.

Al Khoori said the UAE’s Brics membership will strengthen efforts to build balanced economic relations, 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 organisations, including the World Bank Group and the International Monetary Fund, to promote balanced prosperity worldwide,” he added.

He stated that the UAE’s leadership in fostering international trade cooperation, highlighted by hosting the 13th WTO Ministerial Conference in February 2024, has enabled the country to address critical global issues. This has led to Comprehensive Economic Partnership Agreements, solidifying the UAE’s role in global trade and enhancing its capacity to support economic growth regionally and globally.

Al Khoori said that the UAE aims to boost economic cooperation with Brics nations by identifying opportunities to enhance trade, promote financial stability, and support sustainable development goals. Through its Brics membership, the UAE seeks to play a leading role in shaping initiatives that strengthen its position in global economic cooperation and advocate for economic multilateralism.

The UAE aims to strike a balance between global policy priorities and 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.

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.

Addressing 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. The ministry’s efforts have enabled the UAE to participate effectively with Brics chair countries, particularly in a series of meetings at the ministerial and technical levels.

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.