UAE Participates In Second Meeting Of BRICS Finance Ministers And Central Bank Governors In Moscow

The UAE recently participated in the second BRICS Finance Ministers and Central Bank Governors meeting in Moscow. The delegation included Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, Ibrahim Obaid Al Zaabi from the Central Bank, and Thuraya Hamed Al Hashimi, Director of International Financial Relations.

Mohamed bin Hadi Al Hussaini emphasised the importance of enhancing South-South cooperation among BRICS nations. He stated that developing strong infrastructure is crucial for integrating these countries into the global financial system. He also highlighted the need for innovative payment mechanisms and financing in local currencies to stabilise reserves and mitigate currency fluctuation risks.

The BRICS Financial and Economic Meetings took place in Moscow from 9th to 11th October. These meetings included a high-level panel on improving the international financial and monetary system. Participants also engaged in a brainstorming session on similar topics. The fifth edition of the BRICS Economic Bulletin, titled "BRICS Economies in a Higher Economic Rate Environment," was presented during these events.

Younis Haji Al Khoori represented the UAE at the fourth meeting of BRICS Undersecretaries of Finance and Central Banks. During this event, he led a bilateral financial dialogue with Ivan Chebeskov, Russia's Deputy Minister of Finance. They discussed public finance cooperation between their countries.

The UAE officially joined BRICS in January 2024 after receiving approval from Brazil, Russia, India, China, and South Africa. This announcement was made during the 15th BRICS Summit held in Johannesburg from 22nd to 24th August 2023. As a member, the UAE aims to strengthen economic ties with other member states and enhance its position as a global hub.

The UAE's membership in BRICS aligns with its goal to support emerging economies on an international level. Its strong economy serves as an example of progress and innovation, contributing to shared goals for prosperity and sustainable development.

Long-term Economic Strategy

Over five decades, the UAE has strengthened its global partnerships to boost economic competitiveness and sustainability. Its foreign policy focuses on long-term economic growth by exploring new opportunities.

In October 2021, the UAE joined the BRICS New Development Bank established in 2015 to fund infrastructure projects in BRICS countries and other developing nations. Mohamed bin Hadi Al Hussaini represents the UAE as Governor on the Board of Governors, with Younis Haji Al Khoori as Alternate Governor and Thuraya Hamed Al Hashimi as a Board member.

The UAE appreciates the progress made under this year’s BRICS Presidency. Mohamed bin Hadi Al Hussaini expressed gratitude for advancing outcomes from recent meetings.

With inputs from WAM