UAE Participates in BRICS Finance Meeting in Moscow
The United Arab Emirates (UAE), represented by its Ministry of Finance and Central Bank, recently participated in the second BRICS Finance Ministers and Central Bank Governors meeting held in Moscow. The UAE delegation included Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, and other key officials.
Key Discussions and Initiatives
Mohamed bin Hadi Al Hussaini emphasized the importance of strengthening South-South cooperation among BRICS nations. He highlighted the need for robust infrastructure to manage global economic flows and called for innovative payment mechanisms and financing in local currencies to stabilize reserves and reduce currency fluctuation risks.
Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, represented the UAE at the fourth meeting of the BRICS Undersecretaries of Finance and Central Banks. He also chaired a bilateral financial dialogue with Ivan Chebeskov, Deputy Minister of Finance of Russia, focusing on public finance cooperation.
BRICS Economic Bulletin and UAE’s Role
The meetings included a high-level panel on enhancing the international financial and monetary system and the presentation of the fifth edition of the BRICS Economic Bulletin. The UAE officially joined BRICS in January 2024, aiming to enhance economic cooperation and solidify its role as a global hub.
The UAE’s robust economy serves as a model for progress and innovation, supporting the interests of emerging and developing nations. The UAE joined the BRICS New Development Bank in October 2021, which funds infrastructure and sustainable development projects.
Doubts Revealed
UAE -: UAE stands for the United Arab Emirates, which is a country in the Middle East known for its rich oil reserves and modern cities like Dubai and Abu Dhabi.
BRICS -: BRICS is a group of five major emerging economies: Brazil, Russia, India, China, and South Africa. They work together to support each other’s economic growth and development.
Moscow -: Moscow is the capital city of Russia, which is one of the countries in the BRICS group. It is known for its historical landmarks and as a political and economic center.
South-South cooperation -: South-South cooperation refers to the collaboration between developing countries, mostly in the Southern Hemisphere, to share knowledge, skills, and resources for mutual development.
Innovative payment mechanisms -: Innovative payment mechanisms are new and creative ways to make financial transactions, often using technology to make payments faster, safer, and more efficient.
Local currency financing -: Local currency financing means using a country’s own money for financial transactions and investments, instead of relying on foreign currencies like the US dollar.
BRICS New Development Bank -: The BRICS New Development Bank is a bank set up by the BRICS countries to fund development projects and infrastructure in member countries and other developing nations.