UAE's Impact within BRICS: Growing Multilateralism and World Economy

Introduction:

Indeed, in the constantly changing conditions of politics and economy of the world, the question of the creation of unions that will influence the result is one of the most significant. Of such coalitions, BRICS bears mentioning as a grouping of countries by Brazil, Russia, India, China, and South Africa. Among these active and developing countries, the United Arab Emirates (UAE) has actively participated in the collective actions intended for the development of cooperation and negotiation, as well as for creating a favorable atmosphere for the progression of both international and local economical ties. Such actions prove the active and effective participation of the UAE in BRICS and its interest in future cooperation.

The UAE's Participation in BRICS Meetings: The UAE's Participation in BRICS Meetings:

One can cite an instance of the UAE commitment to the BRICS partnership, namely through attending its key meetings and events. Thus, the BRICS Foreign Ministers’ Meeting included the activity of Sheikh Abdullah bin Zayed, the UAE’s FM. His participation was crucial in emphasizing UAE’s readiness to work in a teamwork, partnership and diplomatic approach within the alliance. Through underlining partnerships and collaborations, the Sheikh Abdullah bin Zayed explained the UAE as a member of BRICS and as a state that concentrates on common goals and objectives, and cooperation for mutual benefits.

Promotion of Trade Using Local Currencies:Promotion of Trade Using Local Currencies:

Another cardinal area of collaboration within the BRICS framework is the facilitation of trade in local currencies, a policy meant to enhance the de-dollarization of the economy, or in this case the world economy of the participating countries. The UAE has endorsed this strategic plan, as this endeavor is promising for the formation of closer economic cooperation with the BRICS countries. The decision to promote the increased usage of local currencies as a means of exchange also benefits the UAE with the expansion of local currencies’ usage for trade, which helps to diversify and make the global economy more stable and reliable as per the BRICS’ principles.Exploring New Diplomatic and Economic Opportunities:Exploring New Diplomatic and Economic Opportunities:

Thus, the joining of UAE in BRICS has benefited all, especially in aspects of diplomacy and economical relationships. One of the events targeting such investors is the Annual Investment Congress that took place in the UAE where the participants were discussing the role of BRICS as the major economies in the world. This forum underlined the importance of coordination and partnership and investment opportunities within BRICS, the effectiveness of the UAE’s active and constructive approach that is seeking to take full advantage of the association for mutual beneficial cooperation.

Formation of UAE within BRICS represents a shift in political dynamism from confrontation to building concert where barriers are non-existent. Making presentations for meetings, pushing for trades to be done using local currency, and prospecting of new and better opportunities is a demonstration of UAE conforming to the principles as well as the aims of BRICS. Thus, the march of formation and development of the alliance will, to be sure, be a significant factor in the wider development of the world economy and mutual cooperation among countries with the active participation of the UAE.