BRICS nations are committed to boost South-South cooperation

The UAE, represented by the Ministry of Finance and the Central Bank, took part in the second BRICS Finance Ministers and Central Bank Governors meeting recently held in Moscow.

The country’s 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, CBUAE’s Assistant Governor of the Monetary Policy; and Thuraya Hamed Al Hashimi, Director of the International Financial Relations and Organisations Department.

Mohamed Bin Hadi Al Hussaini stated that BRICS nations are committed to strengthening South-South cooperation. ‘Developing robust infrastructure to manage global economic flows is essential for integrating these countries into the international financial system,’ he noted.

He called for innovative initiatives in payment mechanisms and financing in local currencies to help stabilise reserves and reduce the risk of currency fluctuations.

He commended the BRICS Presidency for driving forward the outcomes of this year’s meetings, expressing the UAE’s appreciation for the progress made.”

Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, represented the UAE at the fourth meeting of the BRICS Undersecretaries of Finance and Central Banks. Alongside the meeting, Al Khoori chaired a bilateral financial dialogue with Ivan Chebeskov, Deputy Minister of Finance of Russia, discussing public finance cooperation between the two countries.

As part of the BRICS Financial and Economic Meetings held in Moscow from 9th to 11th October, participants engaged in various events, including a high-level panel on enhancing the international financial and monetary system and a brainstorming session on the same topic. The meetings also featured the presentation of the fifth edition of the BRICS Economic Bulletin, titled “BRICS Economies in a Higher Economic Rate Environment,” attended by finance ministry and central bank delegates.

The UAE officially joined the BRICS group in January 2024, following ratification from the five founding members-Brazil, Russia, India, China, and South Africa. This decision was announced during the 15th BRICS Summit, held in Johannesburg from 22nd to 24th August 2023.

As a member of BRICS, the UAE aims to enhance economic cooperation and partnerships with member states, solidifying its role as a pivotal global hub and multilateral partner.

Positioned as a significant economic player within BRICS, the UAE supports the interests of emerging and developing nations on the international stage. Its robust economy serves as a model of progress and innovation, furthering the collective aspirations for prosperity and sustainable development.

Over the last five decades, the UAE has fortified its global partnerships, accelerating efforts to boost the competitiveness and sustainability of its economy and to seize new opportunities, with its foreign policy prioritizing long-term economic prosperity. Furthermore, the UAE joined the BRICS New Development Bank in October 2021, which was established in 2015 to fund infrastructure and sustainable development projects in BRICS and other developing countries.

The UAE is represented on the Board of Governors by Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, as Governor; Younis Haji Al Khoori as Alternate Governor; and Thuraya Hamed Al Hashimi, Director of the International Financial Relations and Organisations Department, as a Board member.

Separately, the UAE, represented by the Federal Tax Authority (FTA), participated in the sessions of the meeting of tax officials and experts from the BRICS countries held in Moscow, Russia, from 24th to 26th September, 2024, with the participation of delegations from the tax authorities of the group.

Khalid Ali Al Bustani, Director General of the FTA and head of the UAE delegation at the meeting, emphasised that the BRICS meetings are of great importance as the group serves as an effective mechanism to enhance global prosperity. The Authority’s participation reflects a commitment to maintaining balanced strategic and economic relations to keep pace with ongoing developments in the global system. He highlighted the significance of the discussions and topics addressed during the meeting, which contribute to enhancing constructive cooperation in the tax and financial fields among member states in line with their future directions through the exchange of experiences and information among the tax authorities of the group.

During the participation in the BRICS tax officials and experts meeting, Mikhail Mishustin, Prime Minister of Russia, received the Authority’s delegation, where the importance of joint cooperation, particularly in the tax field and enhancing economic growth pathways, was emphasised.

WAM