A key aspect of the bloc’s six-country expansion, BRICS trade with the United Arab Emirates (UAE) is set to easily exceed $190 billion. Amid an overall economic downturn for a plethora of countries, the UAE has seen its economic growth continue. Moreover, it should build on impressive trade figures with two prominent alliance members.
On top of its massive trade dealings with China, the UAE saw its trade with Russia increase by 68% last year, reaching $9 billion. Indeed, these figures occurred while the country was suffering from Western sanctions. Additionally, its trade with India continued to rise, reaching $85 billion in 2022. Ending up as the country’s second-largest trading partner, these numbers should only grow into 2024.
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UAE and BRICS Trade Poised to Continue Growth
The BRICS economic alliance had the world watching during its annual summit last month. There, the economic bloc made good on expansion rumors, increasing its membership by six countries. Subsequently, those included nations are likely to have a positive impact. on the economic flourishment of the collective as a whole. Starting with one country already relied upon by the bloc.
As a key part of the expanded membership, BRICS trade with the UAE is already set to easily exceed $190 billion. Indeed, the country remains a primary trading partner with China, Russia, and India. All of which set a clear mark that the bilateral trade between the bloc and the UAE could exceed.
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According to Financial Express, China remains the UAE’s largest trade partner. Specifically, the nation’s bilateral trade reached $99 billion last year, which was a 37.4% increase over last year. However, a more impressive financial commitment to the bloc is its trade dealings with Russia and India.
Russia struggled in trade dealings due to Western sanctions imposed as a byproduct of the Ukraine conflict. However, the UAE still grew trade by 68% last year, reaching $9 billion. Moreover, the UAE is one of the few that still maintains direct flights to Moscow. Subsequently, it is likely to be a popular investment destination, the report notes.
Additionally, the UAE is the third-largest trading partner with India, the fastest-growing economy in the world. Similarly, their dealings rose to $85 billion last year, with the two countries signing a landmark deal to have their transactions take place outside of the US dollar. Eventually, these trade relationships should only grow when the UAE officially joins the alliance in 2024.
