Latest news with #15thBRICSTradeMinisters'Meeting
Al Etihad
06-07-2025
- Business
- Al Etihad
UAE eyes new trade horizons as BRICS summit opens in Brazil
7 July 2025 00:15 KHALED AL KHAWALDEH (ABU DHABI)His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, is leading the UAE delegation at the 17th BRICS summit in Rio de Janeiro, marking a milestone moment in the Emirates' deepening ties with the world's most influential emerging officially joined BRICS in January 2024, the UAE sees its participation as a key avenue for greater economic independence and diversification, particularly as Abu Dhabi works to strengthen its ties with fast-growing markets across Asia, Africa, and Latin two-day summit, which kicked off on Sunday, offers an opportunity to showcase the UAE's evolving role within BRICS, a bloc that accounts for approximately 40% of the world's population and around 25% of global GDP."The BRICS community provides a compelling model for growth in the current economic climate," Dr Thani bin Ahmed Al Zeyoudi, Minister of Foreign Trade, said on Saturday, ahead of the forum."We are eager to maximise this relationship to the fullest extent and build upon these strong foundations in vital economic sectors, including energy, logistics, technology, healthcare and food security."Trade between the UAE and BRICS nations has seen robust growth, according to a report on the state-run news agency WAM. In 2024, the UAE's non-oil trade with BRICS countries totalled $243 billion, marking a 10.5% increase from momentum has continued into 2025, with non-oil trade reaching $68.3 billion in the first quarter alone - an 18.2% year-on-year jump and 2.4% higher than the previous the UAE's non-oil exports to BRICS soared to $39.4 billion in 2024, nearly double the 2019 level, while re-exports climbed to $50.5 billion. This performance places the UAE 14th globally among BRICS trading partners and fifth in internal BRICS trade, trailing China, Russia, India, and weeks before the summit, the UAE also participated in the 15th BRICS Trade Ministers' Meeting held in Brasília, where Juma Mohammed Al Kait, Assistant Undersecretary of International Trade Affairs at the Ministry of Economy, reaffirmed the UAE's commitment to strengthening partnerships across the meeting concluded with endorsements of key documents deepening economic cooperation, and supporting a fair, rules-based multilateral trading system. Al Kait highlighted the UAE's robust bilateral ties with Brazil - its largest trading partner in South America, emphasising that non-oil trade reached $5.4 billion in 2024, up 23% year on described the UAE's role as "a bridge between East and West and the Global South", championing partnerships that drive sustainable economic growth and inclusive are brief overviews of the UAE's trade and economic cooperation with the main BRICS members, according to the latest statistics of the Ministry of Foreign Affairs. BrazilThe UAE and Brazil enjoy dynamic economic ties, with the UAE and Saudi Arabia together ranking as Brazil's largest buyers in the Middle East. The UAE imports Brazilian commodities such as chicken, beef, and sugar, while exporting oil, urea, sulphur, and aircraft parts to Brazil. Emirati investments in Brazil total around $5 billion, led by Mubadala and firms like DP World, Emirates, and First Abu Dhabi UAE established a consulate in São Paulo in 2013, recognising the state's importance as Brazil's economic powerhouse, and InvestSP reciprocated by opening an office in Dubai in 2020. Non-oil bilateral trade reached $5.4 billion in 2024, up 23% from the previous year. RussiaThe total trade volume between the UAE and Russia reached $10.9 billion in 2023, according to data from the Ministry of Economy. Russia mainly exports precious metals, oil products, wheat, and aluminium, while the UAE exports plastics, tea, machinery, and electronics. A major milestone was the creation of a $7 billion joint investment platform by Russia's RFDI and Mubadala in World Russia, a joint venture announced in 2016, plans to invest up to $2 billion in Russian port and logistics infrastructure. The Intergovernmental Commission on Trade, Economic, and Technical Cooperation, active since 1994, continues to facilitate bilateral ties through regular meetings and specialised working groups. India The UAE and India share one of the strongest trade relationships among BRICS members, with bilateral trade hitting $85 billion in 2022. India is the UAE's second-largest trading partner, and the UAE is India's third-largest partner. In 2022, the two countries signed a Comprehensive Economic Partnership Agreement (CEPA), India's first with any Gulf nation, which has since boosted trade by 15%.The UAE is India's fourth-largest supplier of crude oil and fourth-largest source of foreign direct investment, with Emirati giants like ADNOC, Mubadala, DP World, and Emirates NBD deeply invested across Indian sectors from energy to logistics. ChinaSince establishing diplomatic relations, the UAE and China have built a robust economic partnership, with non-oil trade nearly doubling to $58 billion in 2018 and forecast to reach $200 billion by 2030. The UAE is China's largest partner in the Arab world, re-exporting 60% of Chinese trade through its ports to over 400 cities in the Middle East and North Africa. The UAE hosts more than 6,500 Chinese brands and over 300 trade agencies, spanning cooperation in energy, logistics, finance, agriculture, AI, space, and tourism. The UAE's strategic location makes it a key partner in China's Belt and Road Initiative, while Chinese tourism to the UAE has also flourished, exceeding 1 million visitors in 2018. South AfricaThe UAE is South Africa's main Gulf trading partner, accounting for 38% of GCC trade with the country. Bilateral trade grew 45% from 2020 to 2023, with South Africa's imports from the UAE totalling $4 billion and exports at $2.53 billion in 2023. UAE investments in South Africa have surpassed $1.3 billion, while South African investments in the UAE exceeded $600 million in 2024. Sectors of cooperation include agriculture, logistics, fintech, AI, renewable energy, and manufacturing. Emirati firms like DP World and AMEA Power have recently expanded operations in South Africa, while the Dubai Chamber's Johannesburg office opened in 2023 to foster deeper business ties. Source: Aletihad - Abu Dhabi
Mint
23-05-2025
- Business
- Mint
India calls for end to export controls among BRICS nations
New Delhi: India has called for the dismantling of export controls among BRICS nations to strengthen intra-bloc trade and promote greater solidarity within the Global South, the ministry of commerce & industry said in a statement on Friday. The appeal was made on Wednesday, during the 15th BRICS Trade Ministers' Meeting under Brazil's presidency. A key outcome of the meeting was the endorsement of a joint declaration, along with three annexures: the BRICS Declaration on WTO Reform and Strengthening of the Multilateral Trading System, the BRICS Data Economy Governance Understanding, and the BRICS Trade and Sustainable Development Framework. 'These documents collectively reaffirm BRICS's commitment to equitable, inclusive, and rules-based global trade,' the ministry said. The joint declaration also cautioned that climate-related trade measures should not be used as instruments of unjustifiable discrimination or disguised trade restrictions. Held under the theme 'strengthening global south cooperation for more inclusive and sustainable governance', the meeting saw India underline the urgency of resolving longstanding developmental issues, and particularly advocate for a permanent solution to public stockholding (PSH) for food security. The ministry also highlighted India's '30 for 30' proposal, which aims to introduce 30 incremental reforms to mark the 30th anniversary of the WTO in 2025. India reiterated that sustainable development is deeply embedded in its cultural ethos and must remain a cornerstone of global trade governance. Representing India at the meeting was Yashvir Singh, economic adviser in the department of commerce, who highlighted the need to eliminate restrictive trade measures that disrupt critical supply chains. He urged developed countries to facilitate the concessional transfer of environmentally sound technologies, backed by adequate financial support. Singh also highlighted Mission LiFE, India's global initiative promoting mindful consumption and circular economy practices as part of a fair and inclusive climate responsibility framework. "Digital transformation and technology-driven growth were recognised as vital areas for future collaboration," the statement said. "The BRICS Data Economy Governance Understanding acknowledged DPI as a key enabler of digital economic transformation," it said. Meanwhile, India reaffirmed its leadership in inclusive digital governance through flagship initiatives such as Digital India and IndiaAI, while reiterating its commitment to global cooperation in digital public infrastructure (DPI), artificial intelligence, and cybersecurity through platforms such as the Global Partnership on AI (GPAI) and the G20, the statement added. BRICS—which comprises Brazil, Russia, India, China and South Africa—is a powerful alliance of emerging economies that together represent over 40% of the global population and nearly a quarter of global GDP. Originally focused on economic cooperation, the bloc has grown into a key platform for shaping global governance, advocating for reforms that reflect the interests of the Global South. The inclusion of new members such as Indonesia also signals its growing relevance as a voice for emerging economies in pushing for a more balanced, and multipolar world order.
