Non-oil trade between the UAE and BRICS countries exceeded $312 billion last year, up 28.5% from the previous year, UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi said on Sunday.
Expanding trade agreements and economic partnerships
Al Zeyoudi said the UAE’s non-oil trade with the group’s countries now accounts for more than 30% of the country’s total non-oil trade, reflecting growing economic and commercial ties with BRICS markets.
Al Zeyoudi made the remarks on the sidelines of the 18th BRICS Summit in the Indian capital, New Delhi, where the UAE is participating with a delegation headed by Abu Dhabi Crown Prince Khaled bin Mohamed bin Zayed Al Nahyan.
Al Zeyoudi said the growing trade indicators offer opportunities to further expand economic relations with the group’s countries, which have large markets, advanced industrial bases and fast-growing economies.
He added that the UAE aims to use BRICS meetings to support trade facilitation and expand free trade agreements and comprehensive economic partnerships as part of its strategy to diversify the economy and open new markets for the UAE’s private sector.
He noted that, before joining the group, the UAE had begun strengthening its network of economic and trade partnerships to support access for UAE companies and products to new markets.
Technology and innovation top cooperation opportunities
Al Zeyoudi highlighted the importance of technology and innovation in the economies of BRICS countries, saying rapid advances in technological applications and the growth of major companies offer additional opportunities for sharing expertise and cooperation in the industries of the future.
He praised India for hosting the summit and its New Delhi Declaration, noting that the meetings addressed economic, technological, social, cultural and political issues.
Al Zeyoudi said the UAE’s participation also aims to strengthen multilateral action, expand international partnerships and help find solutions to development challenges in support of sustainable economic growth.
