Introduction to Global Economic Outlook
The United Arab Emirates (UAE) recently participated in the BRICS Finance Ministers and Central Bank Governors Meeting, which was held in Rio de Janeiro, Brazil. This meeting was significant as it marked the UAE’s involvement in discussions about the global economic outlook and climate finance. The UAE delegation was led by H.E. Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, and included several other high-ranking officials from the Ministry of Finance and the Central Bank of the UAE.
Key Discussions and Sessions
The meeting featured three main sessions, each focusing on different aspects of global economics. The first session was centered on finance ministries, the second on central banks, and the third was a joint session that explored the global economic outlook and the role of BRICS in enhancing international economic governance. Other topics of discussion included climate finance and the coordination of economic policies. H.E. Mohamed bin Hadi Al Hussaini emphasized the UAE’s commitment to strengthening international dialogue on the future of the global financial system and developing multilateral cooperation frameworks to address urgent development challenges.
Constructive Partnerships and Economic Governance
H.E. Al Hussaini highlighted the importance of constructive partnerships among emerging and developing economies, such as those facilitated by BRICS. These partnerships offer opportunities to enhance global economic governance, expand access to innovative financing, and support long-term financial stability. Furthermore, he stressed the need for reinforcing financial and monetary coordination among member states to ensure more inclusive and sustainable growth. The UAE’s contribution to drafting the joint communique reflects its active commitment to collaborative efforts within BRICS, aimed at promoting shared interests and aligning with member countries’ aspirations for a more balanced and cooperative global economy.
UAE’s Membership in BRICS
The UAE officially joined BRICS in January 2024, following the ratification of its membership request by the group’s five founding countries. As a BRICS member, the UAE aims to deepen economic cooperation and partnerships with fellow member states, reinforcing its role as a global economic hub and multilateral partner. The UAE also joined the BRICS New Development Bank in October 2021, which mobilizes resources for infrastructure and sustainable development projects in BRICS nations, as well as in other emerging and developing economies.
Conclusion
In conclusion, the UAE’s participation in the BRICS Finance Ministers and Central Bank Governors Meeting underscores its commitment to global economic cooperation and development. Through its membership in BRICS and involvement in international economic discussions, the UAE is poised to play a significant role in shaping the future of the global financial system. By fostering constructive partnerships and promoting multilateral cooperation, the UAE and other BRICS member states can work towards achieving more inclusive, sustainable, and balanced economic growth. This cooperation is crucial in addressing global challenges, including climate finance, and ensuring a prosperous future for all nations.
