Abdullah bin Touq Al Marri, Minister of Economy, said that the UAE's inclusion into the BRICS opens up significant development prospects thanks to the presence of a number of the world's fastest growing economies, namely Brazil, Russia, India, China, and South Africa.
“UAE's BRICS membership creates huge economic, trade, and investment opportunities that will bring about a paradigm shift not only in the BRICS countries' economic environment, but also in the global economy,”
added the minister in statements today after the international bloc announced the UAE's BRICS membership.
Al Marri added,
"Today's economic blocs are one of the most visible trends shaping the current and future economic landscape, and they would make a significant contribution to the global economy's stability and growth, the development of international trade and investment flows, and the flexibility of global supply chains."
“Membership in this new economic bloc is becoming increasingly important as the UAE promotes its economic openness policy and grows its network of global commercial contacts,”
"This development also promotes the establishment of new businesses in essential areas, which contributes to the long-term growth of the UAE economy and strengthens its positive and significant position in the global economy."
News Source: Emirates News Agency