UAE calls for enhanced trade cooperation at BRICS meeting

At the 14th BRICS Trade Ministers Meeting in Moscow, the UAE reiterated its call for stronger cooperation among member nations.

This marks the UAE's first participation in the meeting since joining the group in August 2023.

Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi, along with other ministers, signed a Joint Communique emphasising the commitment to enhance cooperation in key areas such as the multilateral trading system, agricultural trade and special economic zones.

They also highlighted the importance of fostering e-commerce, supporting small and medium enterprises through technology, and promoting investment in global value chains.

The meeting saw representatives from Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the UAE discuss the integration of digital technologies in global trade, including e-certification and electronic bills of lading.

They also agreed to set up an informal consultative framework to advance global dialogue on WTO issues and tackle global trade challenges collectively.

"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," said Al Zeyoudi.

"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," he added.

The meeting in Moscow is one of the key events in the build-up to the BRICS Summit, which takes place in Kazan, Russia in October 2024.