The UAE is participating in the meeting of the Finance Ministers and Governors of the Central Banks of the Brix Group
Rio de Janeiro on July 6 / WAM / The United Arab Emirates, represented by the Ministry of Finance and the United Arab Emirates Bank, participated in the meeting of the Finance Ministers and Central Banks of the Group of the Group of “BRICS”, which was held in the city of Rio de Janeiro, Brazil, within the framework of the Brazilian leadership of the group this year.
According to a press release issued today, the state delegation was chaired by His Excellency Muhammad bin Hadi Al -Husseini, Minister of State for Financial Affairs, and the delegation included His Excellency Ibrahim Obaid Al -Zaabi, Assistant Governor of Monetary Policy and Financial Stability in the Central Bank, Ali Abdullah Sharafi, Acting Undersecretary of the Ministry of Finance for International Financial Relations, and Three Hamid Al -Hashemi, Director of the Department of Relations and International Financial Organizations in the Ministry of Finance, and Hamad Issa Al -Zaabi, Director of the Office of His Excellency the Minister of State Financial affairs.
The meeting agenda included three main sessions, which dealt with issues for ministries of finance, and another in central banks, as well as a joint session on global economic prospects and the role of the BRICS Group in promoting international economic governance, in addition to climate financing issues and coordination of economic policies.
His Excellency Mohammed bin Hadi Al -Husseini stressed in his intervention during the meeting that the participation of the UAE in the work of the BRICS Group comes from its commitment to enhancing the international dialogue on the future of the global financial system, and developing multilateral cooperation frameworks to confront the urgent development challenges.
His Excellency added: We believe that the constructive partnership between emerging and developing economies through platforms such as “Brix” represents an important opportunity to enhance global economic governance, expand the scope of innovative financing, and support financial stability in the long run. We also emphasize the importance of consolidating the principles of financial and critical coordination between member states to ensure more comprehensive and sustainable growth.
His Excellency stressed that the participation of the UAE in drafting the joint statement reflects its active commitment to contributing to the paths of teamwork within “BRICS”, in order to enhance common interests and keep pace with the aspirations of member states towards a more balanced and cooperative global economy.
It is worth noting that the UAE officially joined the “BRICS” group as of January 2024 after the Five Country Corporation has approved its request to join the group, which is, the Federal Republic of Brazil, the Russian Federal, the Republic of India, the People’s Republic of China, and the Republic of South Africa, and the UAE’s strategic goals in its capacity as a member of the BRICS to consolidate economic cooperation and partnerships with countries Members, to enhance the role of the state as a major global center and a multilateral partner.
The UAE joined the new BRICS Development Bank in October 2021, after its establishment in 2015 to mobilize resources for infrastructure and sustainable development projects in developing and emerging countries and in the group countries.
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