Latest news with #BricsBusinessForum
Khaleej Times
06-07-2025
- Business
- Khaleej Times
UAE non-oil trade with Brics nations in strong expansion mode
The UAE and the Brics nations have been experiencing robust trade growth over the past years. In 2024, they shared non-oil trade worth $243 billion, a 10.5 per cent increase over 2023, data shows. The momentum accelerated in 2025, with non-oil trade reaching $68.3 billion, a year-on-year growth rate of 18.2 per cent, and 2.4 per cent more than Q4, 2024. The UAE's total non-oil exports to Brics countries grew to $39.4 billion in 2024, nearly double the level from 2019, while re-exports reached $50.5 billion. The UAE ranks 14th globally among Brics trading partners and 5th when measuring internal trade among Brics nations, behind China, Russia, India and Brazil. The Brics community, which initially comprised of Brazil, Russia, India, China and South Africa before expanding to 10 nations — adding Indonesia, Ethiopia, Egypt, Iran, and the UAE — this year, represents a significant portion of the global economy. It accounts for approximately 40 per cent of the world's population and around 25 per cent 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. Dr Thani bin Ahmed Al Zeyoudi, Minister of Foreign Trade, highlighted the UAE's strong relationships with Brics nations at the Brics Business Forum on the sidelines of the 17th Brics Summit in Rio de Janeiro, Brazil. During the forum, Al Zeyoudi stressed the community's role in driving innovation, accelerating trade and creating opportunities for cross-border investment. Al Zeyoudi also promoted closer collaboration in key sectors, including logistics, agriculture, renewable energy, technology and healthcare. Al Zeyoudi said the Forum provided an important opportunity to engage with a group of like-minded nations undergoing significant economic transformations: 'The Brics community provides a compelling model for growth in the current economic climate. Each of us are seeking economic growth based on investment, innovation, entrepreneurship and trade relationships free from barriers and bureaucracy. This is how the UAE is building our next chapter of economic development, from attracting FDI and fostering new, technology-driven industries to securing free-trade deals with like-minded nations such as Brics members India, Indonesia and Russia. We are eager to maximize this relationship to the fullest extent and build upon these strong foundations in vital economic sectors including energy, logistics, technology, healthcare and food security.' The Brics Business Forum gathered leaders and business representatives from the community's 10 member nations to exchange views and ideas on how their public and private sectors can work together to navigate the world's current economic and geopolitical climate. The UAE's participation reflects its belief in constructive collaboration and its commitment to pursuing mutually beneficial global partnership. The Forum resulted in the endorsement of several initiatives aimed at deepening economic cooperation as well as new private sector partnerships that will enhance trade and investment flows. Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, said: We believe that constructive partnerships among emerging and developing economies, through platforms such as Brics, offer an important opportunity to enhance global economic governance, expand access to innovative financing, and support long-term financial stability. We also stress the importance of reinforcing financial and monetary coordination among member states to ensure more inclusive and sustainable growth.'
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Business Standard
06-07-2025
- Business
- Business Standard
UAE highlights scope for deeper trade, investment ties within Brics bloc
The United Arab Emirates, represented by Thani bin Ahmed Al Zeyoudi, Minister of Foreign Trade, has participated in the Brics Business Forum on the sidelines of the 17th Brics Summit in Rio de Janeiro, Brazil. During the Forum, Al Zeyoudi highlighted the UAE's strong relationships with Brics nations and the community's role in driving innovation, accelerating trade and creating opportunities for cross-border investment. Al Zeyoudi also promoted closer collaboration in key sectors, including logistics, agriculture, renewable energy, technology and healthcare. The Brics Business Forum gathered leaders and business representatives from the community's 10 member nations - Brazil, Russia, India, China, South Africa, Indonesia, Ethiopia, Egypt, Iran, and the UAE - to exchange views and ideas on how their public and private sectors can work together to navigate the world's current economic and geopolitical climate. The UAE's participation reflects its belief in constructive collaboration and its commitment to pursuing mutually beneficial global partnerships. The Forum resulted in the endorsement of several initiatives aimed at deepening economic cooperation as well as new private sector partnerships that will enhance trade and investment flows. Al Zeyoudi said the Forum provided an important opportunity to engage with a group of like-minded nations undergoing significant economic transformations: "The Brics community provides a compelling model for growth in the current economic climate. Each of us are seeking economic growth based on investment, innovation, entrepreneurship and trade relationships free from barriers and bureaucracy. This is how the UAE is building our next chapter of economic development, from attracting FDI and fostering new, technology-driven industries to securing free-trade deals with like-minded nations such as Brics members India, Indonesia and Russia. We are eager to maximize this relationship to the fullest extent and build upon these strong foundations in vital economic sectors including energy, logistics, technology, healthcare, and food security." Al Zeyoudi was in Brazil, joined by Saleh Ahmad Salem Alzaraim Al Suwaidi, the UAE's Ambassador to Brazil. The UAE and the Brics nations have been experiencing robust trade growth. In 2024, they shared non-oil trade worth USD 243 billion, a 10.5 per cent increase on 2023. The momentum has accelerated in 2025, with non-oil trade reaching USD 68.3 billion, a year-on-year growth rate of 18.2 per cent, and 2.4 per cent more than Q4, 2024. The UAE's total non-oil exports to Brics countries grew to USD 39.4 billion in 2024, nearly double the level from 2019, while re-exports reached USD 50.5 billion. The UAE ranks 14th globally among Brics trading partners and 5th when measuring internal trade among Brics nations, behind China, Russia, India and Brazil. The Brics community, which initially comprised of Brazil, Russia, India, China and South Africa before expanding to 10 nations this year, represents a significant portion of the global economy. It accounts for approximately 40% of the world's population and around 25 per cent 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.
