UAE Collaborates with BRICS to Create Fairer Monetary System, Says UAE Official

© Photo SERGEY SHINOVThe X BRICS Civil Forum
The X BRICS Civil Forum - Sputnik Africa, 1920, 03.09.2024
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BRICS, a cooperation platform for the largest emerging economies, uniting Brazil, Russia, India, China and South Africa, welcomed four new members into its ranks – Egypt, Ethiopia, Iran and the United Arab Emirates in 2024. Moreover, Saudi Arabia has been taking part in BRICS meetings without formalizing its participation.
The UAE, in collaboration with other BRICS countries, is exploring opportunities for cooperation aimed at developing diverse financial instruments and seeking to develop an innovative approach to building a more equitable international monetary system, says Younis Haji Al-Khoori, Undersecretary of the UAE Ministry of Finance.
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According to him, a more equitable monetary and financial system will help to avoid the economic risks arising from climate change, especially for the most vulnerable countries.
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