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14.10.24 14:17

Economy

UAE says BRICS countries committed to strengthening South-South cooperation

The United Arab Emirates participated in the second meeting of BRICS Finance Ministers and Central Bank Governors

The final meeting of Finance Ministers and Central Bank Governors with the participation of representatives of the new BRICS member countries in the framework of the Russian Federation's chairmanship of BRICS.

The UAE delegation was led by Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs. This is reported by Emirates News Agency (WAM), a partner of TV BRICS.

During the meeting, Mohamed Bin Hadi Al Hussaini emphasised the importance of strengthening South-South cooperation.

"Developing robust infrastructure to manage global economic flows is essential for integrating these countries into the international financial system," he said

Russian Finance Minister Anton Siluanov spoke about the results of the Russian presidency in the financial track of the association and will present a report on improving the international monetary and financial system.

A key outcome of the work was the preparation of a Report on Improving the International Monetary and Financial System with a list of practical solutions, including the BRICS Cross-border Payment Initiative.

"The experience of this year and previous years shows that BRICS financial cooperation has a high potential for development. We are setting ambitious new tasks for ourselves. Today we are laying the foundation for a future international monetary and financial system that meets the principles of security, independence, accessibility and sustainability. This creates preconditions for a new round of evolution of the international monetary and financial system," said Anton Siluanov, Minister of Finance of the Russian Federation.

The governor of the Central Bank of Iran (CBI), Mohammadreza Farzin, has said Iran is going to become a member of the New Development Bank.“The New Development Bank can pursue many of the development goals of the BRICS member countries," he added.

BRICS financial and economic events were held in Moscow, including panel sessions and discussions on the international financial system.

Photo: iStock

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Liao Fan

Director of the Institute of World Economics and Politics at the Chinese Academy of Social Sciences (CASS)

"We also encourage countries of the Global South to work together and contribute to the global economy. We also call on developed countries to set aside issues such as national security and strategic competition when we are discussing real global challenges – pressing issues such as public health or poverty reduction – so that development resources can be channelled truly effectively to those countries that need them. [...] Major powers and large countries must bear greater responsibility for the well-being of people around the world. This is the responsibility of the major powers"

Anutin Charnvirakul

Prime Minister of Thailand

"Russia has been a trusted friend of Thailand for over a century. […] Next year, we will mark the 130th anniversary of the establishment of diplomatic relations between our countries. We will commemorate this important milestone with high-level exchanges, thereby reaffirming our shared commitment to an even stronger partnership for the benefit of our peoples"

Ferdinand Marcos

President of the Republic of the Philippines

"First, peace, security and stability. [...] We need our joint efforts to contribute to peace and security and to respond promptly to all threats. Second, a more dynamic economic partnership. Our areas of cooperation in trade are developing. We need to act more ambitiously and decisively in order to facilitate trade, economic flows and the expansion of the business community. [...] And third, perhaps one of the most important areas, is our peoples, grants, student exchanges, academic partnerships and tourism. [...] The relationships that are being built between our countries are reflected in the summit declaration, and they provide what policy alone cannot achieve"

Anwar Ibrahim

Prime Minister of Malaysia

"The relations in the last few years have been remarkable. We have seen impressive development, and my visit was – you were fantastic. We see the enormous role that Russia can play not only in Malaysia but also in the developing world, ASEAN and the rest. We are exploring this halal economy and finance. We are now almost finishing the visa abolition arrangement. [...] And then you have also agreed to these flights for tourism, for trade, and connectivity between Malaysia, Moscow, Kazan, and other cities in Russia"

Vladimir Putin

President of the Russian Federation

"This forum, which has brought together leading representatives of the business communities of our country and the ASEAN member states in the hospitable capital of Tatarstan, Kazan, is of particular importance. This year marks the 35th anniversary of Russia–ASEAN relations. During this period, we have accumulated substantial experience in multifaceted cooperation, established strong ties, including between the Association’s Business Advisory Council and the Russia–ASEAN Business Council, and created a solid foundation for the future"

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