UAE commits to fair economic governance at BRICS summit

UAE commits to fair economic governance at BRICS summit

The UAE participated in the 17th BRICS Summit on July 6 and 7 in Rio de Janeiro, Brazil.

As part of this participation, the UAE, represented by the Ministry of Finance and the Central Bank of the UAE, participated in the meeting of finance ministers and central bank governors of the BRICS countries.

The meeting agenda included three main sessions, addressing issues specific to finance ministries and central banks, as well as a joint session on global economic prospects and the role of BRICS in promoting international economic governance, in addition to climate finance and economic policy coordination.

In his remarks during the meeting, Mohammed bin Hadi Al Hussaini, Minister of State for Financial Affairs, emphasized that the UAE's participation in the BRICS Summit stems from its commitment to strengthening international dialogue on the future of the global financial system and developing multilateral cooperation frameworks to address pressing development challenges.

Al-Husseini added: "We believe that constructive partnerships between emerging and developing economies through platforms such as BRICS represent an important opportunity to enhance global economic governance, expand innovative financing, and support long-term financial stability. We also emphasize the importance of consolidating the principles of fiscal and monetary coordination among member states to ensure more inclusive and sustainable growth."

He emphasized that the UAE's participation in drafting the joint statement reflects its active commitment to contributing to collective action within BRICS, promoting shared interests and supporting member states' aspirations for a more balanced and cooperative global economy.

It is worth noting that the UAE officially joined BRICS in January 2024 after the five founding countries—the Federative Republic of Brazil, the Russian Federation, the Republic of India, the People's Republic of China, and the Republic of South Africa—approved its application to join the group. The UAE's strategic objectives as a BRICS member include strengthening economic cooperation and partnerships with member states, enhancing the country's role as a key global hub and multilateral partner.

The UAE joined the BRICS New Development Bank in October 2021, following its establishment in 2015 to mobilize resources for infrastructure and sustainable development projects in developing and emerging countries and within the group.