UAE Advocates For Stronger Global Trade Ties At BRICS Meeting

During the 14th BRICS Trade Ministers Meeting, Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, represented the UAE. This marked the UAE's first participation since joining BRICS in August 2023. The meeting focused on enhancing trade cooperation among member nations and opposing barriers to global trade.

Dr. Al Zeyoudi signed a Joint Communique with other ministers, reaffirming their commitment to comprehensive cooperation in key areas. These included strengthening the multilateral trading system, supporting joint value chains, facilitating agricultural trade, and promoting special economic zones as engines of cooperation.

The communique highlighted BRICS' dedication to multilateralism and collaboration in addressing global trade challenges. It also emphasised the importance of integrating digital technologies in global trade and promoting smart solutions like e-certification and electronic bills of lading.

The ministers agreed on establishing an informal consultative framework to advance a global dialogue on WTO-related issues. They stressed the significance of digital technologies in global trade and endorsed smart solutions such as e-certification and electronic bills of lading.

Investment and collaboration were identified as key factors for enhancing intra-BRICS global value chains (GVCs). The communique also noted that advancing the potential of BRICS members’ special economic zones would help increase competitiveness in new industries like renewable energy.

Special Economic Zones Framework

The 14th Trade Ministers Meeting adopted a BRICS Cooperation Framework on Special Economic Zones (SEZs). This agreement aims to harness the potential of SEZs in BRICS countries to enhance trade and industrial cooperation. A forum for SEZ cooperation was proposed to further this goal.

The meeting is one of the key events leading up to the BRICS Summit scheduled for October 2024 in Kazan, Russia. The ministers from Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the UAE participated in these discussions.

UAE's Strategic Vision

Dr. Al Zeyoudi welcomed the Joint Communique as a significant step towards affirming the impact of trade on economic development and growth. He stated, "The UAE continues to be a strong advocate for open, rules-based trade." He emphasised that collaboration within BRICS could open new means of exchange that meet today’s economic needs.

He also highlighted that joining BRICS aligns with the UAE’s priority of fostering economic prosperity and maintaining balanced strategic relations. This effort aims to strengthen the UAE’s position as a major global hub while diversifying strategic alliances.

Enhancing Economic Cooperation

The communique underscored how investment and collaboration are crucial for enhancing intra-BRICS GVCs. It also noted that advancing special economic zones would help increase competitiveness in new industries like renewable energy.

Dr. Al Zeyoudi stressed that as a BRICS member, the UAE is committed to enhancing economic cooperation with fellow member states. This commitment aims to strengthen its position as a major global hub and multilateral partner while diversifying strategic alliances.

The declarations on e-commerce were highlighted as an example of unity among BRICS members. Dr. Al Zeyoudi said these declarations would increase trade between member nations and enhance consumer confidence.

The meeting proposed establishing a forum for SEZ cooperation among member countries to enhance collaboration further. This initiative aims at utilising SEZs as established mechanisms for boosting trade and industrial cooperation within BRICS countries.

The ministers affirmed their commitment to supporting MSMEs through technology and export cooperation while protecting consumer rights in e-commerce activities. They also agreed on facilitating agricultural trade among member nations.

This meeting underscored the collective vision for growth based on collaboration and innovation within BRICS. By building on long-established trade frameworks, they aim to open new means of exchange that meet today’s economy's needs.

With inputs from WAM