The United Arab Emirates (UAE) has officially joined the BRICS group, a significant move that underscores its commitment to fostering multilateralism and constructive dialogue on the global stage. This step aligns with the UAE’s long-standing strategy of forming robust partnerships with countries, international organizations, and institutions to enhance the competitiveness and sustainability of its economy while exploring new growth opportunities.
Strengthening Economic Ties and Global Cooperation
Younis Haji Al Khoori, Under-Secretary of the UAE Ministry of Finance, highlighted the strategic significance of joining BRICS. He emphasized that the UAE’s membership aligns with the “We the UAE 2031” vision, which aims to position the country as a pivotal player in global economic cooperation. According to Al Khoori, the UAE’s BRICS membership will bolster efforts to establish balanced economic relations, promote sustainable economic growth, and strengthen its presence in emerging and developing markets.
“The UAE’s strategic partnerships have effectively showcased its key initiatives globally,” Al Khoori told the Emirates News Agency (WAM). He added that the UAE’s collaboration with BRICS nations would involve numerous projects and initiatives, along with long-term partnerships with international organizations such as the World Bank Group and the International Monetary Fund, aimed at promoting balanced prosperity worldwide.
Promoting Inclusivity and Equity in Global Policies
Al Khoori further noted that the UAE is committed to balancing global policy priorities with the needs of the Global South. This includes ensuring that international policies consider the interests and perspectives of developing nations. He mentioned that the UAE will support the New Development Bank’s agenda concerning emerging markets and developing countries, as the bank is a critical tool for advancing BRICS development priorities.
This initiative aims to address critical global issues and advance comprehensive economic partnerships, solidifying the UAE’s role in global trade and supporting economic growth both regionally and globally.
Impact on the Financial Sector and Technological Advancements
The UAE’s BRICS membership is expected to have a significant impact on its financial sector by opening new avenues for collaboration and creating exceptional opportunities for UAE financial institutions to engage with their counterparts in BRICS countries. Al Khoori noted that strengthening ties with BRICS aims to boost the resilience of the UAE’s financial sector 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 also mentioned the UAE’s exploration of collaboration with BRICS in areas such as tax and customs matters, mutual administrative assistance, data exchange, and technical cooperation in tax administration to enhance tax digitalization.
A Strategic Opportunity for Long-Term Economic Growth
Al Khoori highlighted the economic significance of the expanded BRICS group, which now represents approximately 45 percent of the world’s population and 25 percent of global exports. With the combined GDP of BRICS members accounting for 29 percent of the global GDP, the UAE’s membership in this group presents a remarkable opportunity to create vast economic, trade, and investment prospects with member countries. This strategic move is expected to contribute to the UAE’s long-term sustainable economic growth and reinforce its position as a leading global economic hub.
