UAE Strengthens Economic Ties at BRICS Meeting in Moscow

The UAE actively participated in the second BRICS Finance Ministers and Central Bank Governors meeting in Moscow, emphasizing South-South cooperation, economic integration, and local currency financing. As a prospective BRICS member, the UAE attended discussions on international financial systems and economic developments, aiming to foster global partnerships and economic innovation.

The UAE made a significant presence at the second BRICS Finance Ministers and Central Bank Governors meeting in Moscow, underscoring its commitment to strengthening South-South cooperation and enhancing economic integration. Represented by key financial leaders, the UAE delegation, led by Minister of State for Financial Affairs Mohamed bin Hadi Al Hussaini, participated in discussions focusing on innovative financial mechanisms and reducing currency risks.

During the meeting, Al Hussaini highlighted the importance of robust infrastructure in managing global economic flows and called for new initiatives in local currency financing. The UAE took part in high-level panels and bilateral meetings, emphasizing its role in stabilizing financial systems and promoting sustainable economic development within BRICS.

As the UAE is set to officially join BRICS in January 2024, the country aims to cement its status as a pivotal global hub for economic cooperation. The UAE's active engagement in these discussions reflects its long-term strategy to enhance its global economic influence and support emerging markets' growth trends, furthering collective prosperity and innovation.

(With inputs from agencies.)