Page 228 - MOE ENGLISH PR REPORT - JULY 2024

The ministers, who represented Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran
and the UAE, also agreed to establish an informal consultative framework to advance a global
dialogue on the WTO and WTO-related issues.

The ministers affirmed the importance of the integration of digital technologies in global trade
and the promotion of smart solutions like e-certification and electronic bills of lading.

Additionally, the communique underscored how investment and collaboration are key toward the
enhancement of intra- BRICS global value chains (GVCs), in addition to advancing the potential
of BRICS members’ special economic zones, both of which would help to increase
competitiveness in new industries, for example in renewable energy.

Dr. Al Zeyoudi welcomed the Joint Communique as an important step in affirming the impact of
trade on economic development and growth. “The UAE continues to be a strong advocate for
open, rules-based trade, and we will always seek to work with nations and networks that enable
us to facilitate the movement of goods, services and capital around the world. The BRICS is an
exciting and agile community of like-minded countries, and the 14th Trade Ministers Meeting
underlined a collective vision for growth, one based on collaboration and innovation. By building
on long-established trade frameworks, we believe we can open new means of exchange that
meet the needs of today’s economy. The declarations on e-commerce, which will increase trade
between member nations and enhance consumer confidence, are a clear example of our unity
of purpose that can set a global example,” said he at the BRICS group.

Dr. Al Zeyoudi emphasised that the UAE, as a BRICS member, is committed to enhancing
economic cooperation and partnerships with fellow member states. This effort aims to
strengthen the UAE’s position as a major global hub and multilateral partner, while also
diversifying strategic alliances. Joining BRICS aligns with the UAE’s priority of fostering
economic prosperity and maintaining balanced strategic and economic relations, including
collaboration with international organisations, in our ever-evolving global landscape.

In addition to the Joint Communique, the 14th Trade Ministers Meeting adopted a BRICS
Cooperation Framework on Special Economic Zones, an agreement aimed at harnessing the
potential of Special Economic Zones (SEZs) in BRICS countries and utilising them as
established mechanisms to enhance trade and industrial cooperation.

The meeting has proposed the establishment of a forum for cooperation on SEZs in member
countries to enhance cooperation.

The Ministers Meeting in Moscow is one of the key events in the build-up to the BRICS Summit,
which takes place in Kazan, Russia in October 2024.

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