The UAE Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi has attended the 14th BRICS Trade Ministers Meeting held in Moscow, for the first time since joining BRICS in August 2023, to emphasize the significance of enhancing trade cooperation between the member nations.
Dr. Al Zeyoudi and other participating members signed a joint communiqué, reinforcing their commitment to comprehensive cooperation in areas such as bolstering the multilateral trading system, supporting joint value chains, improving agricultural trade facilitation, and promoting special economic zones.
This communiqué reflects BRICS’ commitment to multilateralism and collaboration in resolving global trade challenges. The ministers also stressed about the significance of incorporating digital technology into global trade and promoting smart solutions such as e-certification and electronic bills of lading.
The ministers from Brazil, Russia, India, China, South Africa, Ethiopia, Egypt, Iran and the UAE also agreed to establish informal consultative framework to enhance a global dialogue on WTO related issues. The communiqué also highlighted the importance of investment and collaboration in strengthening intra-BRICS global value chain (GVCs), in addition to advancing the potential BRICS members special economic zones.
Dr. Thani bin Ahmed Al Zeyoudi UAE Minister of State for Foreign Trade
“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.”
Dr. Al Zeyoudi emphasized that as a member of BRICS, the UAE is committed to strengthening economic cooperation and partnership with other member states. The UAE aims to uplift the nation’s position to a key global hub and multilateral partner while diversifying the strategic alliances.
The UAE’s decision to join BRICS falls in line with its goal of fostering economic prosperity and maintaining balanced strategic and economic relations, including cooperation with international organization, in our ever-evolving global environment.
A BRICS Corporation Framework on Special Economic Zone was adopted as a part of this 14th Trade Ministers Meeting with an aim to harness the potential of Special Economic Zones (SEZs). The meeting also proposed to create a forum for cooperation on SEZs in member states to enhance trade and industrial cooperation.
