UAE president signs declaration, meets world leaders at BRICS Summit

United Arab Emirates President Sheikh Mohamed bin Zayed Al Nahyan met with various world leaders during the 2024 BRICS Summit, which was held in Kazan from October 22 to October 24 under the chairmanship of the Russian federation.

This is the UAE’s first BRICS summit since receiving full membership in January 2024.

Leaders participating included Egyptian President Abdel Fattah El-Sisi, Iranian President Masoud Pezeshkian, Chinese President Xi Jinping, South African President Cyril Ramaphosa, Indian Prime Minister Narendra Modi, and Ethiopian Prime Minister Abiy Ahmed.

During the meetings, Sheikh Mohamed discussed opportunities for enhancing cooperation between the UAE and their respective countries, focusing on economic, trade, and developmental areas.

The talks underscored the importance of fostering partnerships that promote growth and prosperity for all nations involved.

Kazan Declaration

World leaders at a round table conference, part of the 14th BRICS Summit 2024, hosted in Kazan, Russia.WAM

The BRICS Summit, themed “Strengthening Multilateralism for Just Global Development and Security,” emphasized solidarity among member countries. Participating nations issued a joint communique, the Kazan Declaration, at the conclusion of the three-day summit.

“We reiterate the decision under the Strategy for BRICS Economic Partnership 2025 to support necessary WTO reforms to enhance the WTO’s resilience, authority, and efficacy, and promote development and inclusivity,” the declaration stated.

The leaders also reaffirmed their support for Palestine’s full membership in the United Nations, committing to the vision of a two-state solution based on international law and relevant UN resolutions..

Russian initiatives

Russian President Vladimir Putin speaks during a festive reception of the BRICS summit in Kazan, RussiaWAM

The BRICS grouping, which represents 37% of global economic output, discussed various initiatives to enhance cooperation, including a proposed grain exchange and a cross-border payments system aimed at reducing reliance on the dollar-dominated financial system.

Russian President Vladimir Putin highlighted the significance of these initiatives, projecting an average growth of 3.8% for member countries compared to a global growth forecast of 3.2-3.3%

Putin proposed the BRICS grain exchange to ensure fair pricing for essential commodities and protect national markets from external interference. Additionally, leaders discussed the potential for a common cross-border payments system to facilitate trade among BRICS nations.

The Kazan Declaration also called for a feasibility study on several Russian initiatives, including a securities trade settlement system and an investment platform to facilitate mutual investments among BRICS countries.

Despite discussions of alternative financial systems, the declaration emphasized the need for reforms within the International Monetary Fund and did not mention plans for a BRICS single currency.

World leaders expressed their commitment to using local currencies for financial transactions among BRICS nations and their trading partners, marking a significant step toward greater financial integration.