UAE pushes for stronger BRICS financial cooperation at India meeting

Dubai: UAE officials are advocating for greater financial collaboration among BRICS nations and expanded involvement for developing countries in global financial bodies during the inaugural BRICS Finance Ministers and Central Bank Governors Summit held in Jaipur, India. Mohamed bin Hadi Al Hussaini, UAE's Minister of State for Financial Affairs, is spearheading the UAE's delegation at the two-day gathering, which unites finance ministers, central bank governors, and heads of regional financial entities.

The summit, taking place from August 12 to 13, will discuss a range of topics including global economic conditions, infrastructure financing, public-private partnerships, tax and customs cooperation, capital markets, and reforms to international economic governance. Al Hussaini emphasized the importance of continued efforts to enhance productivity, draw private investment, and strengthen domestic capital markets, while stressing the necessity for increased support for development initiatives and a more equitable distribution of power within international financial institutions.

"BRICS offers a crucial platform for multilateral action and the development of collective solutions to worldwide economic and financial challenges," Al Hussaini stated. UAE officials aim to build upon the outcomes of prior technical working groups and maintain momentum from initiatives launched during India's presidency.