Page 252 - MOE ENGLISH PR REPORT - JULY 2024

7/29/24, 2:41 PM HE Dr Thani Al Zeyoudi Joins BRICS Trade Ministers To Call For Greater Cooperation
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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