(MENAFN- Dubai PR Network)
BRICS trade ministers gather in Moscow in preparation for the leaders' summit in October 2024.
HE Al Zeyoudi:“The BRICS is an exciting and agile community of like-minded countries, and the 14th Trade Ministers Meeting underlined a collective vision for growth, one based on collaboration and innovation. By building on long-established trade frameworks, we believe we can open up new means of exchange that meet the needs of today's economy”
Moscow – 26, 2024: During the 14th BRICS Trade Ministers Meeting, attended by His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, the UAE renewed the call for enhanced trade cooperation among member nations and firm opposition to stimulate the flow goods and services around the world. It is the first time the UAE has participated in a BRICS Trade Ministers Meeting since its joining the group in August 2023.
His Excellency Dr. Thani signed a Joint Communique with the participating ministers to reaffirm the commitment to comprehensive cooperation among member countries in several key areas of common interest, including strengthening their cooperation in the multilateral trading system, supporting Joint value chains;
facilitating agricultural trade; promoting special economic zones as engines of cooperation, fostering e-commerce while protecting consumer rights; supporting MSMEs through technology and export cooperation. The communique underscored BRICS' commitment to multilateralism and collaboration in addressing global trade challenges.
The ministers, who represented Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran and the UAE, also agreed to establish an informal consultative framework to advance a global dialogue on the WTO and WTO-related issues. The ministers affirmed the importance of the integration of digital technologies in global trade and the promotion of smart solutions like e-certification and electronic bills of lading.
The communique also underscored how investment and collaboration are key toward the enhancement of intra- BRICS global value chains (GVCs), in addition to advancing the potential of BRICS members' special economic zones, both of which would help to increase competitiveness in new industries, for example in renewable energy.
HE Dr. Thani Al Zeyoudi welcomed the Joint Communique 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. The BRICS is an exciting and agile community of like-minded countries, and the 14th Trade Ministers Meeting underlined a collective vision for growth, one based on collaboration and innovation. By building on long-established trade frameworks, we believe we can open up new means of exchange that meet the needs of today's economy. The declarations on e-commerce, which will increase trade between member nations and enhance consumer confidence, are a clear example of our unity of purpose that can set a global example,” said HE at the BRICS group.
H.E. Dr. Al Zeyoudi emphasized that the UAE, as a BRICS member, is committed to enhancing economic cooperation and partnerships with fellow member states. This effort aims to strengthen the UAE's position as a major global hub and multilateral partner, while also diversifying strategic alliances. Joining BRICS aligns with the UAE's priority of fostering economic prosperity and maintaining balanced strategic and economic relations, including collaboration with international organizations, in our ever-evolving global landscape.
In addition to the Joint Communique, the 14th Trade Ministers Meeting adopted a BRICS Cooperation Framework on Special Economic Zones, an agreement aimed at harnessing the potential of Special Economic Zones (SEZs) in BRICS countries and utilizing them as established mechanisms to enhance trade and industrial cooperation. The meeting has proposed the establishment of a forum for cooperation on SEZs in member countries to enhance cooperation.
The Ministers Meeting in Moscow is one of the key events in the build-up to the BRICS Summit, which takes place in Kazan, Russia in October 2024. The 10-member BRICS group brings together the world's most important developing countries. Its membership comprises the U.A.E., the Russian Federation, the Federal Republic of Brazil, the People's Republic of China, the Republic of India, the Republic of South Africa, the Republic of Egypt, the Kingdom of Saudi Arabia, the Federal Republic of Ethiopia, and the Islamic Republic of Iran.
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