UAE backs deeper BRICS financial cooperation at key India meetings

Dubai: UAE officials backed expanded financial and economic collaboration among BRICS nations and backing for the New Development Bank's upcoming five-year strategy during meetings in India. The UAE, through the Ministry of Finance and the Central Bank of the UAE, participated in the second BRICS Finance Ministers and Central Bank Governors meeting and the Special Meeting of the NDB's Board of Governors in Mumbai.

BRICS finance ministers and central bank governors adopted a joint statement, and the BRICS-NDB Knowledge Portal was launched to facilitate knowledge sharing and best practices. UAE Minister of State for Financial Affairs Mohamed bin Hadi Al Hussaini emphasized the platform's importance in tackling global economic challenges and the Knowledge Portal's role in consolidating institutional work and technical output.

The UAE welcomed the formation of the BRICS Task Force on Growth and Development in 2026, calling for its continued work in the years to come. Priority areas for the UAE include digital transformation, labor mobility, and skills development. The UAE also advocated for stronger coordination between successive BRICS presidencies to ensure continuity and long-term outcomes.

Discussions on the NDB General Strategy for 2027 to 2031 took place, focusing on technology, innovation, digital transformation, climate action financing, and women's representation. Al Hussaini highlighted the UAE's support for the NDB's strategic direction in strengthening its role in supporting development projects in the Global South. The UAE joined the NDB in October 2021 and became a BRICS member in January 2024.