Under-Secretary of UAE's Ministry of Finance: Country's membership in BRICS represents strategic achievement for its financial sector

Younis Haji Al Khoori, Under-Secretary of the Ministry of Finance, emphasised that the UAE's strategic partnerships have spectacularly showcased its key initiatives on the global stage. He added that the BRICS membership is in line with the "We the UAE 2031" vision, which aims to strengthen the UAE's role as a strategic partner in promoting global economic co-operation.

Al Khoori told Emirates News Agency (WAM), a partner of TV BRICS, that the UAE's membership of BRICS will strengthen efforts to establish balanced economic relations, promote sustainable economic growth and consolidate the country's position in emerging markets.

The official explained that the UAE intends to co-operate more frequently with BRICS states, looking for opportunities to increase trade, promote financial stability and support sustainable development goals. Through its membership in BRICS, the UAE seeks to take a leading position in shaping initiatives that will strengthen its position in global economic co-operation and championing economic multilateralism.

The UAE endeavours to strike a balance between global policy priorities and the needs of the Global South, Al Khoori noted.

"Committed to inclusivity and equity in the global economic landscape, the UAE strives to ensure that international policies effectively consider the interests and perspectives of developing nations. It will advance the development agenda of the New Development Bank concerning emerging markets and developing countries, where the bank is a key tool for promoting BRICS development priorities"

Younis Haji Al Khoori Under-Secretary of the UAE's Ministry of Finance

Regarding the UAE's participation in the BRICS finance track, Al Khoori said that the ministry activated the UAE team within the BRICS finance track. The ministry's actions enabled the country to effectively participate in processes with the BRICS chairmen, especially in a number of meetings at the ministerial and technical levels.

These meetings discussed various topics including the development of monetary and financial systems, potential ways to finance infrastructure, and the role of multilateral financing in making infrastructure investment projects more attractive. Al Khoori added that this active participation emphasises the UAE's proactive approach to shaping global economic cooperation and financial stability, especially in the Global South.

Regarding financial co-operation mechanisms with BRICS states, Al Khoori noted: "UAE's membership in BRICS represents a strategic achievement for its financial sector, opening new avenues for collaboration and creating exceptional opportunities for UAE financial institutions to engage with their counterparts in BRICS countries."

Al Khoori confirmed that the UAE is exploring cooperation with BRICS in the field of taxation and customs, including mutual assistance in administrative matters, data exchange, cooperation of training centres and technical cooperation in tax administration to enhance digitalisation of taxation.

Since foundation of BRICS in 2006, the group has gone through two waves of expansion. In 2011, South Africa joined the original membership of Brazil, Russia, India and China, and in August 2023, six new members were invited: Egypt, Iran, Argentina, UAE, Saudi Arabia and Ethiopia. Argentina subsequently declined to join the association, while the five remaining countries became part of it from 1 January 2024.