UAE advances rules-based trade at BRICS meet, deepens economic ties

Gulf Today, Staff Reporter

Dr Thani Bin Ahmed Al Zeyoudi, UAE Minister of Foreign Trade, participated in the 2026 BRICS Trade Ministers Meeting (TMM), held at Maharani Mahal, Hotel Sawai Man Mahal, in Jaipur, India. Hosted by India under its BRICS Chairmanship, the meeting brought together trade ministers and senior officials from across the BRICS community to discuss safeguarding the multilateral trading system, fostering inclusive trade, empowering MSMEs, and reshaping global value chains amid accelerating digital transformation. Al Zeyoudi was joined by Abdulla Al Nuaimi, UAE Ambassador to India.

While in Jaipur, HE Al Zeyoudi held a series of bilateral discussions with key counterparts, including Piyush Goyal, Union Minister of Commerce and Industry of India; Li Chenggang, China International Trade Representative and Vice Minister of Commerce; Dr Mohamed Farid Saleh, Minister of Investment and Foreign Trade of Egypt; Dr Budi Santoso, Minister of Trade of the Republic of Indonesia; Parks Franklyn Mpho Tau, Minister of Trade, Industry and Competition of South Africa; and Ilichev Vladimir Evgenievich, Deputy Minister of Economic Development of Russia. The discussions focused on strengthening bilateral trade and investment ties, expanding cooperation in priority sectors, and deepening private-sector engagement.

At the TMM, HE Al Zeyoudi underscored the UAE's grave concerns over Iran’s attacks on commercial shipping and the continued closure of the Strait of Hormuz, and reiterated the UAE’s call for its immediate and unconditional reopening and the protection of freedom of navigation and international shipping, in accordance with international law.

The broader discussions covered key priorities for BRICS economic cooperation, including trade resilience, market connectivity and emerging challenges affecting global commerce. Trade ministers were unable to reach consensus on a joint declaration at the conclusion of the meeting.

Al Zeyoudi said: "At a time of heightened uncertainty in global trade, cooperation between emerging markets and developing economies is more important than ever. The UAE views BRICS as an important platform for strengthening economic cooperation and supporting an open and predictable trading environment. Our engagement in Jaipur reinforced the strength of the UAE’s economic relationships with fellow BRICS members, and we are committed to translating these discussions into tangible outcomes for businesses and communities."

Trade between the UAE and BRICS nations continues to record strong growth. In 2025, bilateral non-oil foreign trade between the UAE and BRICS member nations surpassed $312 billion, a 28.5% increase compared to $243 billion in 2024. BRICS nations accounted for approximately 31% of the UAE’s total non-oil foreign trade in 2025. They were also the source of 34% of the UAE’s imports, the destination for 23% of its non-oil exports, and accounted for 28% of its re-exports during the same period.

The bilateral meeting with Goyal provided an opportunity to review progress under the India-UAE CEPA, which entered into force in May 2022, and to discuss avenues for expanding cooperation in services trade, digital commerce, logistics, and food security. India remains one of the UAE’s largest trading partners globally, with bilateral non-oil trade reaching US$76.2 billion in 2025, a 17.3% increase on the previous year. Both sides reaffirmed their commitment to advancing trade facilitation and strengthening private-sector collaboration in high-growth sectors.

The BRICS community expanded from five to nine member nations in 2024, with Indonesia joining as its tenth member in 2025. It comprises Brazil, Russia, India, China, South Africa, Indonesia, Ethiopia, Egypt, Iran, and the UAE. Together, these nations represent approximately 40% of the world’s population and around 25% of global GDP. The UAE’s membership reflects its commitment to expanding economic ties with partners across the developing world and advancing open, mutually beneficial trade.

The UAE’s participation in the BRICS TMM complements its broader trade agenda, anchored by the Comprehensive Economic Partnership Agreement (CEPA) program, which aims to increase non-oil foreign trade to US$1.1 trillion by 2031. Since its launch in September 2021, 38 agreements have been concluded with economies across Asia, Africa, Europe, and the Americas, with 18 in force – including agreements with fellow BRICS members India and Indonesia.

Last month, the UAE and Canada have announced the successful conclusion of negotiations for a Comprehensive Economic Partnership Agreement (CEPA), reflecting the strength and depth of their growing bilateral economic relationship.

Dr. Thani Bin Ahmed Al Zeyoudi, UAE Minister of Foreign Trade, and Maninder Sidhu, Canadian Minister of International Trade, announced the successful conclusion on Al Zeyoudi’s visit to Canada, where he led a delegation of Emirati officials and business leaders.

The conclusion of negotiations represents the fastest achievement within the UAE’s CEPA programme since its launch in September 2021, a testament to the shared ambition and political will on both sides to elevate the bilateral relationship to new heights of economic and investment cooperation.

The CEPA is set to enhance the already significant bilateral trade, which reached approximately US$4.2 billion in 2025 - reflecting growth of 21% compared to the previous year. Upon ratification and entry into force, the CEPA will cut tariffs, eliminate bureaucratic hurdles, and expand market access for businesses in both the UAE and Canada.