BRICS Key to Arab Trade Diversification Strategy
In 2023, more countries such as the UAE and Iran joined the BRICS group. BRICS Key to Arab Trade Diversification Strategy By Syed Atique Hussain Naqvi, Toronto, Canada As global business and economic dynamics constantly evolve, countries are increasingly diversifying their trade relations to protect their interests. The Arab world is no exception. Economic powerhouses like Saudi Arabia and the United Arab Emirates (UAE) have been expanding their strategic business partnerships with major economies such as China, Russia, and India, while maintaining strong ties with traditional partners like the European Union, the United States, and other nations in the Americas. The leadership in these Arab nations envisions rapid economic growth over the next 10 to 20 years, which will require additional partners to drive foreign investment and trade. This forward-looking approach is evident in the UAE’s recent involvement with BRICS. During a visit to Russia for the BRICS Summit in Kazan...