Uae and BRICS membership: Gulf state’s focus on maintaining balanced strategic and economic relations

The Uae President, HH Sheikh Mohamed bin Zayed, is in Russia at the moment as Kazan is hosting the 16th BRICS Summit. It’s the Uae’s first participation in the Summit as a member. Yesterday, he and Russian leader Putin discussed Uae-Russia relations.

The Gulf state officially joined the expanding grouping starting this year after a successful application ratified by the five founding nations. The announcement emerged last year as leaders of the five countries met in Johannesburg for the 15th BRICS Summit.

The Uae is committed to multilateral action and constructive dialogue. Becoming a member of the BRICS bloc reflects the GCC nation’s interest in championing the value of multilateralism in supporting peace and development for the benefit of all.

Uae keen to maintain balanced strategic & economic relations

Commenting on the UAE’s successful application to join BRICS, HH Sheikh abdullah bin Zayed, UAE’s Deputy Prime Minister and Foreign Minister, expressed his appreciation to the five founding members of the important economic grouping.

His Highness added: “This development forms part of the Uae’s commitment to promoting constructive dialogue through active platforms that represent developing and emerging economies, and the country’s focus on long-term economic prosperity.”

The Uae is keen to maintain balanced strategic and economic relations. The Gulf state’s inclusion in the BRICS bloc reflects the Emirati leadership’s focus on international and multilateral cooperation to achieve sustainable development for all countries.

Conducting cross-border trade in local currencies

The Uae has ambitious economic objectives. By becoming a member of BRICS, the country believes it can further solidify its economic relations ith India and China, and simultaneously, make a notable mark in other key markets such as Russia and Brazil.

The Uae-India bilateral trade reached $84.5 billion in the period from april 2022 to March 2023, and the Uae-China trade increased 28% in 2022, equivalent to $64 billion. The Gulf state shares deepening partnerships ith the massive economies.

Last year, the Uae and India signed a deal to establish a mechanism that can further develop bilateral trade in their respective currencies. The agreement could encourage other bloc members to conduct cross-border trade in local currencies.