UAE eyes new trade horizons as BRICS summit opens in Brazil
KHALED AL KHAWALDEH (ABU DHABI)His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, is leading the UAE delegation at the 17th BRICS summit in Rio de Janeiro, marking a milestone moment in the Emirates' deepening ties with the world's most influential emerging economies.Having officially joined BRICS in January 2024, the UAE sees its participation as a key avenue for greater economic independence and diversification, particularly as Abu Dhabi works to strengthen its ties with fast-growing markets across Asia, Africa, and Latin America.The two-day summit, which kicked off on Sunday, offers an opportunity to showcase the UAE's evolving role within BRICS, a bloc that accounts for approximately 40% of the world's population and around 25% of global GDP."The BRICS community provides a compelling model for growth in the current economic climate," Dr Thani bin Ahmed Al Zeyoudi, Minister of Foreign Trade, said on Saturday, ahead of the forum."We are eager to maximise this relationship to the fullest extent and build upon these strong foundations in vital economic sectors, including energy, logistics, technology, healthcare and food security."Trade between the UAE and BRICS nations has seen robust growth, according to a report on the state-run news agency WAM. In 2024, the UAE's non-oil trade with BRICS countries totalled $243 billion, marking a 10.5% increase from 2023.That momentum has continued into 2025, with non-oil trade reaching $68.3 billion in the first quarter alone - an 18.2% year-on-year jump and 2.4% higher than the previous quarter.Moreover, the UAE's non-oil exports to BRICS soared to $39.4 billion in 2024, nearly double the 2019 level, while re-exports climbed to $50.5 billion. This performance places the UAE 14th globally among BRICS trading partners and fifth in internal BRICS trade, trailing China, Russia, India, and Brazil.Just weeks before the summit, the UAE also participated in the 15th BRICS Trade Ministers' Meeting held in Brasília, where Juma Mohammed Al Kait, Assistant Undersecretary of International Trade Affairs at the Ministry of Economy, reaffirmed the UAE's commitment to strengthening partnerships across the bloc.The meeting concluded with endorsements of key documents deepening economic cooperation, and supporting a fair, rules-based multilateral trading system. Al Kait highlighted the UAE's robust bilateral ties with Brazil - its largest trading partner in South America, emphasising that non-oil trade reached $5.4 billion in 2024, up 23% year on year.He described the UAE's role as "a bridge between East and West and the Global South", championing partnerships that drive sustainable economic growth and inclusive development.Below are brief overviews of the UAE's trade and economic cooperation with the main BRICS members, according to the latest statistics of the Ministry of Foreign Affairs.
BrazilThe UAE and Brazil enjoy dynamic economic ties, with the UAE and Saudi Arabia together ranking as Brazil's largest buyers in the Middle East. The UAE imports Brazilian commodities such as chicken, beef, and sugar, while exporting oil, urea, sulphur, and aircraft parts to Brazil. Emirati investments in Brazil total around $5 billion, led by Mubadala and firms like DP World, Emirates, and First Abu Dhabi Bank.The UAE established a consulate in São Paulo in 2013, recognising the state's importance as Brazil's economic powerhouse, and InvestSP reciprocated by opening an office in Dubai in 2020. Non-oil bilateral trade reached $5.4 billion in 2024, up 23% from the previous year.
RussiaThe total trade volume between the UAE and Russia reached $10.9 billion in 2023, according to data from the Ministry of Economy. Russia mainly exports precious metals, oil products, wheat, and aluminium, while the UAE exports plastics, tea, machinery, and electronics. A major milestone was the creation of a $7 billion joint investment platform by Russia's RFDI and Mubadala in 2013.DP World Russia, a joint venture announced in 2016, plans to invest up to $2 billion in Russian port and logistics infrastructure. The Intergovernmental Commission on Trade, Economic, and Technical Cooperation, active since 1994, continues to facilitate bilateral ties through regular meetings and specialised working groups.
India The UAE and India share one of the strongest trade relationships among BRICS members, with bilateral trade hitting $85 billion in 2022. India is the UAE's second-largest trading partner, and the UAE is India's third-largest partner. In 2022, the two countries signed a Comprehensive Economic Partnership Agreement (CEPA), India's first with any Gulf nation, which has since boosted trade by 15%.The UAE is India's fourth-largest supplier of crude oil and fourth-largest source of foreign direct investment, with Emirati giants like ADNOC, Mubadala, DP World, and Emirates NBD deeply invested across Indian sectors from energy to logistics.
ChinaSince establishing diplomatic relations, the UAE and China have built a robust economic partnership, with non-oil trade nearly doubling to $58 billion in 2018 and forecast to reach $200 billion by 2030. The UAE is China's largest partner in the Arab world, re-exporting 60% of Chinese trade through its ports to over 400 cities in the Middle East and North Africa. The UAE hosts more than 6,500 Chinese brands and over 300 trade agencies, spanning cooperation in energy, logistics, finance, agriculture, AI, space, and tourism. The UAE's strategic location makes it a key partner in China's Belt and Road Initiative, while Chinese tourism to the UAE has also flourished, exceeding 1 million visitors in 2018.
South AfricaThe UAE is South Africa's main Gulf trading partner, accounting for 38% of GCC trade with the country. Bilateral trade grew 45% from 2020 to 2023, with South Africa's imports from the UAE totalling $4 billion and exports at $2.53 billion in 2023. UAE investments in South Africa have surpassed $1.3 billion, while South African investments in the UAE exceeded $600 million in 2024. Sectors of cooperation include agriculture, logistics, fintech, AI, renewable energy, and manufacturing.
Emirati firms like DP World and AMEA Power have recently expanded operations in South Africa, while the Dubai Chamber's Johannesburg office opened in 2023 to foster deeper business ties.
Source: Aletihad - Abu Dhabi
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