UAE Delegation Attends 15th BRICS Trade Ministers Meeting in Brazil - Middle East Business News and Information
Brasília, Brazil – May, 2025: The United Arab Emirates, represented by H.E. Juma Mohammed Al Kait, Assistant Undersecretary of International Trade Affairs, of the Ministry of Economy participated in the 15th BRICS Trade Ministers Meeting held in Brasília, Brazil. H.E. Al Kait reaffirmed the UAE's commitment to strengthening partnerships and seeking new opportunities for increased trade, investment, and collaboration among BRICS nations.
The member states exchanged views on pressing global trade developments and reaffirmed their strong support for a fair and rules-based multilateral trading system. The meeting concluded with the endorsement of several key documents aimed at deepening economic cooperation and enhancing BRICS' role in global trade governance. Together, these outcomes reflect a unified commitment to enhancing the bloc's work to promote closer trade relations and economic prosperity.
The meeting also provided the UAE with the opportunity to shed light on the robust bilateral relationship with Brazil, a founding member of BRICS, focusing on the success of various joint initiatives that have further expanded the UAE's relations with its largest trading and investment partner in South America. With non-oil bilateral trade between the UAE and Brazil reaching US$5.4 billion in 2024 – a notable 23% increase from the previous year – the two nations are poised to enhance their collaboration across various sectors, including energy, infrastructure, and technology.
H.E. Al Kait said the BRICS trade partnership ensure that we can successfully work together to find solutions and is a clear demonstration of the importance of global trade multilateralism, adding that 'The UAE is dedicated to fostering trade and economic collaboration among BRICS and internationally. We view our role as a bridge between East and West and the Global South, facilitating dialogue and partnerships that drive sustainable economic development and growth.'
The UAE's strategic engagement with BRICS reflects its broader commitment to global economic cooperation and diplomacy. By actively participating in the dialogue, the UAE is reinforcing its position as a key economic and diplomatic leader, championing inclusive development and addressing the challenges of a rapidly changing world. As the UAE continues to strengthen its partnerships within BRICS, it remains focused on advancing joint initiatives that align with the bloc's shared vision of fostering global economic inclusivity and resilience.
The BRICS Trade Ministers' Meeting is an annual event that coincides with the BRCS summit and represents an important platform to strengthen ties, coordinate efforts and to foster trade and economic initiatives.
BRICS is comprised of Brazil, Russia, India, China, South Africa, (original members) and has expanded in recent years to include Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia, and the United Arab Emirates. Collectively, the BRICS nations represent a significant portion of the global economy, accounting for approximately 40% of the world's population and around 25% of global GDP. The UAE became a member of BRICS in 2024, reflecting its strategic focus on expanding diplomatic and economic ties with markets throughout the world to further enhance its role in driving global economic growth and prosperity.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Egypt Independent
2 hours ago
- Egypt Independent
Trump's tariffs are sending African countries into China's hands
Africa is adjusting to the new reality of US President Donald Trump's tariffs, with countries on the continent facing some of the highest export charges. But what could become a crisis is an opportunity for United States rival China, which has long courted African countries and is now offering them a lifeline. 'We (Africa) are going straight into the hands of China,' Nigerian economist Bismarck Rewane told CNN. 'That is the unfortunate outcome,' Rewane said of Africa's expected further shift toward China, which has emerged in recent years as the continent's largest bilateral trading partner. Four African nations – Libya, South Africa, Algeria and Tunisia – face some of the steepest tariffs imposed by the Trump administration, with charges on exports ranging from 25 percent to 30 percent. Eighteen other countries from the continent were hit with 15 percent levies, a modified tariff package released Thursday by the White House showed. In April, when the US import levies were first announced, Trump pitched them as 'reciprocal' and targeting countries that he said had trade deficits with the US. But Trump instead based his tariffs on countries' trade deficits with the United States – not the tariffs they charge. South Africa, one of the continent's powerhouses, challenged the imposition of a 30 percent tariff on its US-bound exports, saying Trump's decision was not based on 'an accurate representation of available trade data.' An opportunity for China China has offered to soften the impact of US tariffs on Africa, saying in June it would halt charges on imports for nearly all its African partners. 'There is no other opportunity for African countries to strengthen South-South trade (among developing nations) than now,' South African researcher Neo Letswalo told CNN, while urging countries to 'solely turn to China and make it the next US.' 'America is gradually forfeiting its global leadership status,' Letswalo said, adding that the more countries 'become less dependent on the US, the greater opportunity for China to become an alternative.' Before the tariff deadline, the US did not make a trade deal with any African nation despite efforts from the continent to avoid the tariffs, underscoring Africa's place on the White House's priority list. Letswalo described America's failure to negotiate a deal with Africa as 'an open goal for China.' The impact of Trump's tariffs is already being felt in some of Africa's most buoyant economies and some of the continent's poorest, such as Lesotho, which was slapped with a 15 percent tariff. It had previously been hit with a 50 percent tariff – one of the steepest rates – before the charges were modified. Lesotho's Prime Minister Samuel Matekane said in June that the huge tariff, combined with the halt of US aid to the nation of just over 2 million people, 'have crippled industries that previously sustained thousands of jobs.' Trump has described Lesotho, a landlocked nation surrounded by South Africa, as a country 'nobody has ever heard of' – even though trade between the US and Lesotho totaled over $240 million last year, mostly in textiles. A worker executes her duties at the Afri-Expo Textile Factory, which makes clothing for the U.S. market, on the outskirts of Maseru, the capital of Lesotho, July 9, 2025. Siyabonga Sishi/Reuters Before the tariffs, Lesotho benefited from a US trade agreement that allowed it and other eligible sub-Saharan countries to export goods to the US duty-free. Authorities in Lesotho have declared a two-year national state of disaster over the tariffs, as the country braces for their impact, with the textile industry already grappling with massive job losses. Thousands of roles are also threatened in Lesotho's richer neighbor, South Africa, where citrus growers said they were gripped with 'great anxiety' ahead of the August 1 tariff deadline. In a statement this week, the country's Citrus Growers' Association (CGA) warned that 'job losses will be a certainty' if the tariffs came into effect. It added that, 'hundreds of thousands of cartons of citrus are ready in packhouses to be shipped to the US over the next few weeks,' and that implementing the charges 'will mean most of this fruit will be left unsold.' Distribution workers pack tangerines at Goede Hoop Citrus in Citrusdal, Western Cape province, South Africa, July 9, 2025. Esa Alexander/Reuters Other industries in South Africa, such as the automobile sector, also face the risk of economic shocks, analysts said. 'Already, we have companies within the automobile sector threatening to leave (the country) as a result of plummeting business,' Letswalo said. 'The tariffs will add to the burden of pre-existing issues, and if these entities decide to exit South Africa, our already existing unemployment calamities will worsen,' he said. Gwede Mantashe, South Africa's minister of mineral and petroleum resources, told reporters Tuesday that other routes are being sought for South African goods. 'If the US imposes high tariffs, we must look for alternative markets,' he said. 'Our biggest trading partner is China, not the US. The US is number two,' Mantashe added. As South Africa scouts for broader opportunities, however, the citrus growers' group has voiced its reservations, specifically that their products suit designated markets so finding another is not straightforward. Its CEO, Boitshoko Ntshabele, told CNN in a statement that 'the US market remains a priority, and so should improving access to China' and elsewhere. 'There is a deep appreciation of South African citrus by US consumers. Since 2017, our exports to that market have almost doubled. The market has immense potential,' Ntshabele added. Is reliance on China risky? Letswalo believes there are accompanying risks behind the enticing option of relying on Beijing to cushion the impact of Trump's tariffs. Alternating US with China 'could be risky,' he said, 'especially for some nascent industries within the (African) countries.' 'If they're not protected, Chinese products will flood and outcompete them as many African countries are price sensitive markets,' he warned. A large batch of goods, including dump trucks, is assembled at the Yantai Port for export to Africa on July 7, 2025 in Yantai, Shandong Province of China. Tang Ke/VCG/Getty Images China has imposed some imbalanced trade deals of its own in Africa with trade deficits skewed in its favor, according to the China-Global South Project (CGSP), an organization monitoring China's engagement with developing countries. Additionally, the bulk of Beijing's exports to Africa comprise mainly manufactured products, while the continent's exports to China are commonly raw materials. South Africa's Ramaphosa advocated for balanced trade with China when he met his Chinese counterpart Xi Jinping in Beijing last year. Letswalo advised that, while Africa leans on China for trade, it must also seek domestic alternatives. He recommended a swift implementation of the African Continental Free Trade Area (AfCFTA), an agreement signed by nations on the continent to boost trade among themselves. Although established in 2020, implementing AfCFTA has been slow, with just over 20 countries of the continent's 55 trading under the deal. Rewane believes that the US tariffs could inspire Africa 'to build economic resilience and be less dependent on lopsided trade.' Above all, he added, the continent must be 'more inward-looking rather than outward-dependent.'
Egypt Independent
2 hours ago
- Egypt Independent
US envoy Witkoff visits Gaza aid distribution site as starvation crisis deepens
Steve Witkoff, the United States' special envoy to the Middle East, on Friday visited a controversial US-backed aid distribution site in Gaza, one of three such locations near which hundreds of Palestinians have been killed in recent weeks trying to reach scarce food supplies. Witkoff said he spent five hours in Gaza on Friday to better understand the humanitarian situation in the enclave and to relay it to Donald Trump. The US president said earlier this week that there was 'real starvation' in Gaza, contradicting Israeli Prime Minister Benjamin Netanyahu's claims. 'I spoke to Steve Witkoff. He had a great meeting with a lot of people, and the primary meeting was on food,' Trump said early Friday evening. 'And he had, he also had some other conversations that I'll tell you about later, but he had a meeting on getting the people fed, and that's what we want.' Along with US ambassador to Israel Mike Huckabee, Witkoff visited an aid distribution site in the southern city of Rafah, operated by the Gaza Humanitarian Foundation (GHF) – one of only three such operational sites in the blockaded enclave. The GHF was created to sideline the United Nations' role in distributing aid, after Israel complained that UN aid was reaching Hamas. But the new group has been criticized for failing to improve conditions as Gaza's starvation crisis deepens. The UN refused to participate in the new scheme, saying the GHF model violates basic humanitarian principles. More than 1,000 Palestinians have been killed by the Israeli military while trying to get food, hundreds of them near GHF sites, according to the UN. The GHF disputes this. For two months, the scenes at GHF distribution sites have been chaotic, with the Israeli military seen firing towards scores of Palestinians, some of whom have been crushed in the scramble to reach aid. Ambassador Huckabee praised GHF after his Gaza visit, saying Hamas 'hates' the organization because its food reaches Palestinians in Gaza without reaching Hamas. Witkoff said he spent more than five hours in Gaza on Friday to better understand the humanitarian situation. Ambassador Mike Huckabee/X Despite Israel's claims that the UN allowed aid to reach Hamas, an internal US government review found no evidence of widespread theft by Hamas of US-funded humanitarian aid in Gaza. Huckabee also praised GHF for distributing more than 100 million meals to Gaza since it was launched in May. But other aid agencies have warned that this is insufficient. If 100 million meals have been distributed to each of Gaza's 2.1 million people, that works out at just over one meal a day for 47 days for every resident. The GHF has been operating for nearly 70 days. A senior Hamas official condemned Witkoff's trip as little more than a photo opportunity. 'Mr. Witkoff, Gaza is not an animal farm that requires a staged personal visit to take some personal photos in front of the death traps overseen by your American companies,' Basem Naim, a former Palestinian health minister in Gaza, said in a statement shared with CNN. 'Random gunfire' Palestinians said that the Israeli military shot at them while they waited to receive food near the same distribution hub visited by Witkoff on Friday. The nearby Nasser hospital in Khan Younis said it had received at least three people who were killed and six who were injured by gunfire near the hub. It said many other injured people were being treated at a Red Cross field hospital. The Israel Defense Forces (IDF) said it fired warning shots to prevent a group of people advancing toward its troops, after calling on the group to distance itself. The IDF said it was not aware of any casualties as the result of its fire but was investigating the incident. A US embassy spokesperson also said it had not received 'reports of clashes or injuries of any kind in the vicinity of the visit.' CNN has asked the GHF for comment. Eyewitnesses told CNN the Israeli military shot at people who had gathered at Al Tina, where residents wait before moving on to the distribution site at al-Shakoush. Abu Armanah is seen at Nasser Hospital in Khan Yunis on Friday. Abdallah F.s. Alattar/Anadolu/Getty Images Abu Armanah, who was being treated for a gunshot wound to his abdomen at Nasser hospital, added: 'People are literally battling each other. Witkoff and his visit are nonsense.' 'As soon as Witkoff was in the area, there was random gunfire. The shooting intensified, along with drones and quadcopters in the air, and they started firing at people,' Ahmad Abu Armanah told CNN shortly after the incident. Bodies were 'scattered all over the place,' he said. Mahmoud Awad, another witness, told CNN he was 'shocked' by the violence he saw at the hub. 'Today was madness,' he said. 'As we arrived, young men started getting shot. There was gunfire, and it was direct,' he said. 'We were shocked to hear that the American envoy could come under these conditions.' Later on Friday night, the Palestine Red Crescent Society (PRCS) said that Gaza City's Al-Quds Hospital received at least 12 people who were killed and 90 others injured after the 'targeting of crowds of civilians' by Israeli forces as the civilians were waiting for aid trucks in southwestern Gaza City's Nabulsi area. CNN has reached out to the Israeli military for comment. Shifting diplomacy Witkoff's trip to Israel was his second in two weeks. Last week, he abruptly pulled US delegates out of Gaza ceasefire talks in Qatar, accusing Hamas of negotiating in bad faith. He said the Trump administration would explore 'alternative options' to bring the hostages home and 'create a more stable environment for the people of Gaza.' Hamas reportedly later chose to stop engaging in peace talks. A senior Israeli official said Thursday that Israel and the US are forming a new understanding on Gaza, following Hamas' reported withdrawal from negotiations. 'An understanding is forming between Israel and the United States that, in light of Hamas's refusal, there is a need to shift from a framework focused on the release of some of the hostages to one aimed at the release of all hostages, the disarmament of Hamas, and the demilitarization of the Gaza Strip,' a senior Israeli official said on Thursday. 'At the same time, Israel and the United States will work to increase humanitarian aid, while continuing military operations in Gaza,' the official added. Meanwhile, in a Thursday statement, Hamas said it is committed to continuing negotiations toward a permanent ceasefire and complete withdrawal of Israeli forces from Gaza, provided the humanitarian crisis in the enclave improves considerably. 'It is essential to improve the catastrophic humanitarian situation significantly and to obtain a written response from the enemy regarding our response,' Basem Naim, a senior member of Hamas' political bureau, told CNN. 'This is a condition to go back to negotiations.'
Middle East
8 hours ago
- Middle East
OPEN// FM, US state secretary discuss bolstering bilateral ties
CAIRO/WASHINGTON, July 31 (MENA) - Egyptian Foreign Minister Badr Abdelatty had talks on Thursday with US State Secretary Marco Rubio on means of promoting bilateral ties. The two sides also exchanged views on various regional and international issues of mutual interest. Abdelatty conveyed greetings and appreciation from President Abdel Fattah El Sisi to US President Donald Trump, highlighting Egypt's pride in the longstanding strategic partnership with the United States. The minister said he is looking forward to continuing close coordination and cooperation with the US administration to further ties politically, militarily, economically, and security-wise, thus contributing to regional security, stability, and peace during this critical stage in the Middle East. He also expressed desire to continue holding regular rounds of the Egypt-US strategic dialogue. They reviewed ways to strengthen economic, trade, and investment cooperation between the two countries. Abdelatty praised the results of the Egypt-US business forum held in Cairo in May with over 50 American companies participating, 12 of which entered the Egyptian market for the first time, reflecting Egypt's commitment to attracting investments and enhancing economic partnerships with the US. Both sides stressed the importance of continuing coordination for new rounds of the joint economic commission meetings and the business forum to broaden economic partnership opportunities. The two sides also reviewed the latest regional developments, topped by the catastrophic situation in Gaza, tragic events in Sudan, and conditions in Libya, Syria, Lebanon, and the Egyptian water security issue. Regarding the Palestinian cause, Minister Abdelatty reiterated the necessity of reaching a permanent ceasefire agreement in Gaza to stem bloodshed and ensure humanitarian aid flows amid the enclave's dire conditions under the Israeli blockade. He emphasized the need to adopt a political horizon for a just and sustainable settlement of the Palestinian cause, including the right to self-determination and the establishment of an independent state along the 1967 borderlines with East Jerusalem (Al Quds) as its capital. He expressed hope for continued close US-Egypt cooperation to establish just and comprehensive peace in the Middle East. Meanwhile, the two sides reviewed the situation in Sudan and underlined the importance of ceasefire and humanitarian aid access. Minister Abdelatty affirmed Egypt's support for Sudan's state institutions and respect for its sovereignty, unity, and territorial integrity. Regarding Egyptian water security, Minister Abdelatty conveyed Egypt's concerns about Nile water issues and the importance of adherence to international law regarding shared water resources. He highlighted the need for cooperation to swiftly reach a legally-binding agreement on the operation of the Ethiopian dam, rejecting unilateral Ethiopian actions violating international law. He affirmed Egypt will take all measures permitted under international law to protect its water security. (MENA) M N E/
