UAE Reinforces Trade Cooperation at 14th BRICS Trade Ministers Meeting
Moscow, The Gulf Observer: During the 14th BRICS Trade Ministers Meeting, Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, emphasized the need for enhanced trade cooperation among BRICS member nations and affirmed the UAE’s commitment to facilitating global trade flows.
This marked the UAE’s first participation in a BRICS Trade Ministers Meeting since joining the group in August 2023. Dr. Al Zeyoudi signed a Joint Communique with the participating ministers, reaffirming their commitment to comprehensive cooperation in key areas of mutual interest. The communique highlighted the importance of strengthening the multilateral trading system, supporting joint value chains, facilitating agricultural trade, and promoting special economic zones as engines of cooperation. It also focused on fostering e-commerce while protecting consumer rights and supporting micro, small, and medium-sized enterprises (MSMEs) through technology and export cooperation.
The communique underscored BRICS’ dedication to multilateralism and collaborative approaches to addressing global trade challenges. The participating ministers from Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the UAE also agreed to establish an informal consultative framework to advance global dialogue on the World Trade Organization (WTO) and related issues.
The ministers highlighted the significance of integrating digital technologies into global trade, including the promotion of smart solutions such as e-certification and electronic bills of lading. They also emphasized that investment and collaboration are crucial for enhancing intra-BRICS global value chains (GVCs) and advancing the potential of BRICS members’ special economic zones, which could increase competitiveness in new industries like renewable energy.
Dr. Al Zeyoudi welcomed the Joint Communique, describing it as an important step in affirming the impact of trade on economic development and growth. “The UAE continues to be a strong advocate for open, rules-based trade, and we will always seek to work with nations and networks that enable us to facilitate the movement of goods, services, and capital around the world,” he said. “The BRICS is an exciting and agile community of like-minded countries, and the 14th Trade Ministers Meeting underscored a collective vision for growth based on collaboration and innovation.”
Dr. Al Zeyoudi emphasized the UAE’s commitment to enhancing economic cooperation and partnerships with BRICS member states, aiming to strengthen the UAE’s position as a major global hub and multilateral partner. This effort aligns with the UAE’s priority of fostering economic prosperity and maintaining balanced strategic and economic relations in a dynamic global landscape.
In addition to the Joint Communique, the meeting adopted a BRICS Cooperation Framework on Special Economic Zones, aimed at harnessing the potential of SEZs in BRICS countries to enhance trade and industrial cooperation. The establishment of a forum for cooperation on SEZs in member countries was also proposed to bolster collaborative efforts.
The 14th Trade Ministers Meeting in Moscow is a key event leading up to the BRICS Summit scheduled to take place in Kazan, Russia, in October 2024.
