The UAE’s recent accession to the BRICS group represents a pivotal step in its commitment to multilateralism and constructive dialogue. This move aligns with the UAE’s enduring dedication to building strategic partnerships and driving economic growth.

Younis Haji Al Khoori, Under-Secretary of the Ministry of Finance, emphasized that joining BRICS supports the “We the UAE 2031” vision, reinforcing the nation’s role as a key player in global economic cooperation.

The UAE is actively collaborating with other BRICS nations to identify opportunities for enhanced trade, financial stability, and sustainable development. Additionally, the country is working with international organizations such as the World Bank Group and the International Monetary Fund to promote balanced prosperity on a global scale.

Al Khoori also emphasized that the UAE’s leadership in fostering international trade cooperation, exemplified by hosting the 13th WTO Ministerial Conference in February 2024, has positioned the nation to address critical global issues and establish Comprehensive Economic Partnership Agreements.

Furthermore, the UAE’s membership in BRICS is anticipated to impact its financial sector positively. By deepening ties with other BRICS countries, the UAE aims to create new opportunities for its financial institutions and bolster the resilience of its economy.

The Ministry of Finance has activated the UAE’s BRICS Financial Track team, which is now actively engaging in discussions on key issues such as monetary and financial systems, infrastructure financing, and the role of multilateral finance in enhancing investment projects.

Al Khoori also mentioned that the UAE is exploring collaboration in tax and customs matters, focusing on data exchange and technical cooperation in tax administration.

He highlighted the economic significance of BRICS, noting, “The expansion of BRICS membership in 2024 has significantly enhanced the group’s economic standing, now representing around 45% of the world’s population and 25% of global exports. The combined GDP of BRICS members accounts for 29% of the global GDP.”

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