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09 December 2023

BRICS group poised to shape global economy, says Saqr Ghobash

Published
By WAM

Saqr Ghobash, Speaker of the Federal National Council (FNC), emphasised the BRICS group's potential to significantly shape the future of the global economy, given its combined GDP of approximately one-third of global GDP after the inclusion of six new member countries, vast human capital, and advanced technological and industrial capabilities.

He added that the BRICS can also redirect global attention to pressing issues such as climate change, energy security, innovation, and increased investment in new technologies. Additionally, the BRICS can open up new supply routes and chains.

Ghobash made this statement during his speech at the opening session of the ninth BRICS Parliamentary Forum, held under the theme, "Harnessing inclusive Multilateralism and Parliamentary Diplomacy to deepen BRICS and Africa Partnership for Accelerated Implementation of the African Continental Free Trade Agreement," in Johannesburg, South Africa.

Ghobash said that the UAE aims, through its diplomatic engagement, to achieve and enhance regional and international stability and ease tensions in the Middle East and beyond while providing several examples, including the approach it had taken through the Abraham Accords and its sponsorship and endorsement of the Human Fraternity Document, which was signed in Abu Dhabi in 2019 to promote coexistence, tolerance, and peace among followers of different religions.

"The UAE's hosting of COP28 reflects its efforts to unify global opinion and transition from theoretical international policies to the implementation of clean and renewable energy, as well as to stress that addressing the effects of climate change and preserving the planet is a shared responsibility of all northern and southern countries," Ghobash said.

The UAE's membership in the BRICS group aligns with its efforts to affirm the importance of building balanced strategic and economic relationships, which can help achieve sustainable international economic prosperity within an international system that shares duties, responsibilities, and mutual interests, he added.

Enhancing the partnership between the BRICS group and Africa and accelerating the implementation of the African Continental Free Trade Area (AfCFTA) agreement will help create a unified market for goods and services across the continent, with a population of over 1.3 billion people and a combined GDP exceeding US$3 trillion, he further added.

Ghobash then reaffirmed the UAE's support for the efforts to work and collaborate with African countries to promote sustainable economic and social growth, citing its practical approach that is demonstrated by its announcement at the Africa Climate Summit held in Nairobi earlier this month of a $4.5 billion Emirati financing initiative to boost Africa's clean energy capabilities.

The FNC is working to enhance its sustainable cooperation with African parliaments and build parliamentary partnership frameworks to remove any obstacles or difficulties to implementing cooperation and economic partnership agreements with African countries, he said in conclusion.