TRADING BENEFITS

Bin Touq: BRICS membership will bring new investment to UAE

Economy minister tells Davos panel that UAE expects to play a significant role engaging with trade partners in the Southern Hemisphere

Abdulla Bin Touq, Minister of Economy of the UAE, seen during the 2021 St. Petersburg International Economic Forum. Maksim Konstantinov/SOPA Images/LightRocket via Getty Images)

DAVOS, Switzerland – Entry into the expanded bloc of BRICS countries will enable the United Arab Emirates to strengthen links with trading partners in the Southern Hemisphere and reap new investment, UAE Minister of Economy Abdullah bin Touq told a World Economic Forum audience on Thursday in Davos.

“I think that’s something where the UAE can play a role… in the engagement on the global level when it comes to BRICS,” the minister said during a panel discussion. “This engagement brings a lot of investment as well.”

The trading bloc, originally comprised of Brazil, Russia, India, China and South Africa, voted last August to invite the UAE, Saudi Arabia, Iran, Egypt, Ethiopia to join, starting Jan. 1. Saudi Arabia is reportedly still mulling the decision.

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