The UAE officially joined the Brics alliance on January 1, marking a significant step in its pursuit of multilateral economic partnerships.
Multilateral Economic Partnership
The membership, approved at the 15th Brics summit in August, includes Saudi Arabia, Egypt, Iran, and Ethiopia, effectively doubling the alliance's economic strength with a combined GDP of $28.5 trillion, constituting 28% of the global economy. The bloc, consisting of Brazil, Russia, India, China, South Africa, and the new members, represents 45% of the world's population and produces 44% of the global crude oil supply.
UAE's Commitment to Multilateralism
The UAE's choice to become a member of BRICS is indicative of its dedication to promoting multilateralism and fostering relationships with developing and emerging countries. This action is in line with the nation's commitment to fostering constructive discourse and supporting peace, security, and global development, according to Sheikh Abdullah bin Zayed Al Nahyan, UAE Minister of Foreign Affairs.
Economists believe that the Brics alliance provides the UAE with opportunities to diversify its strategic options, enhance flexibility in international partnerships, implement development plans, and strengthen its economic model. As discussions about a BRICS currency to replace the US dollar gain traction, the UAE's entry into this powerful group positions it to broaden its investment and trade portfolios, fostering mutual growth and cooperation.
Participation in International Forums
The membership also allows the UAE to engage dynamically with emerging economies, contributing to mutual development. The country's active participation in international forums, such as the G20 process and hosting the Conference of the Parties to the UN Framework Convention on Climate Change (COP28), underscores its commitment to global security, prosperity, and cooperation.
The UAE's journey with Brics began with its entry into the New Development Bank in October 2021. In June 2023, the UAE played a significant role in the Friends of the Brics forum in Cape Town, reinforcing its partnership with the emerging bloc under South Africa's presidency.
