Page 238 - MOE ENGLISH PR REPORT - JULY 2024

7/29/24, 2:40 PM HE Dr Thani Al Zeyoudi joins BRICS trade ministers to call for greater cooperation
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.

The communique also 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.

HE Dr. Thani 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 up 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.

H.E. Dr. Al Zeyoudi emphasized 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 organizations, 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 utilizing 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. The 10-member BRICS group brings together the world's most important

developing countries. Its membership comprises the U.A.E., the Russian Federation, the Federal Republic of Brazil,
the People's Republic of China, the Republic of India, the Republic of South Africa, the Republic of Egypt, the
Kingdom of Saudi Arabia, the Federal Republic of Ethiopia, and the Islamic Republic of Iran.

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