‘Important Group’ – What UAE’s inclusion into BRICS means
Six countries, Iran, Ethiopia, Egypt, Argentina, Saudi Arabia and the UAE, received an invitation on Thursday morning to join the BRICS group of nations. The decision was taken during a three-day summit in Johannesburg, where the bloc’s expansion was a key topic of discussion.
Sharing the official announcement on X, formerly known as Twitter, South African President Cyril Ramaphosa said the six nations have been invited to become full members from January 1, 2024. It remains to be seen how the decision benefits the bloc and the invited countries.
“We have decided to invite the— Presidency | South Africa 🇿🇦 (@PresidencyZA) August 24, 2023
• Argentine Republic 🇦🇷
• Arab Republic of Egypt 🇪🇬
• F Democratic Republic of Ethiopia 🇪🇹
• Islamic Republic of Iran 🇮🇷
• Kingdom of Saudi Arabia 🇸🇦
• United Arab Emirates 🇦🇪
to become full members of #BRICS from 1 January… pic.twitter.com/K405vztHnh
What Does BRICS Inclusion Mean For The UAE?
The Emirates had earlier expressed its interest in becoming a member of the group of emerging economies, joining a growing list of countries looking for alternatives to bodies dominated by traditional powers. The invite shows the ‘Global South’ has emerged as a key player.
BRICS – currently representing Brazil, Russia, India, China and South Africa – has swiftly turned into a major economic group that could bring a notable shift in global dynamics and power alignments. The invite is expected to help the Emirates diversify its economic partnerships.
The Middle Eastern country is known for its strong economy, well-established financial sector, substantial investments in varied sectors, including energy and infrastructure, and strategic location. BRICS inclusion could introduce it to increased trade and investment opportunities.
Additionally, joining the bloc could also offer the UAE access to development finance, which is essential for supporting unique projects and initiatives aimed at diversifying its economy. It essentially means the invite could help the country reduce its dependence on fossil fuels.
Emirati Leaders Appreciate Invite For UAE’s Inclusion In BRICS
Expressing his respect for the vision of the BRICS leadership and appreciation for the invite to join the “important group”, UAE President Sheikh Mohamed bin Zayed Al Nahyan said: “We look forward to a continued commitment of cooperation for the … benefit of all nations.”
Echoing the sentiment, Vice-President and Prime Minister of the UAE, Sheikh Mohammed bin Rashid Al Maktoum, described the invite as a representation of “an extension of its philosophy based on building positive international multilateral partnerships.”
Together, the BRICS countries represent more than 40% of the global population and at least a quarter of the world’s economy. Reports published a few months back suggested the five countries had overtaken the Group of Seven (G7) members in terms of GDP.