UAE backs BRICS New Development Bank strategy at Mumbai meeting
The UAE supported the New Development Bank's five-year plan, while India hosted leaders from Russia, China, and Iran to push for stronger trade ties.
UAE Finance Minister Mohamed bin Hadi Al Hussaini announced that his country backed the New Development Bank's next five-year strategy during high-level meetings in Mumbai. He stated that emerging economies face challenges requiring stronger coordination on digital transformation and innovation. A major outcome was the launch of a joint BRICS-NDB Knowledge Portal to consolidate technical work. In Delhi, Indian Prime Minister Narendra Modi hosted President Vladimir Putin from Russia, President Masoud Pezeshkian from Iran, and President Xi Jinping from China for the 18th BRICS Summit. The event runs September 12 to 13 under the theme 'Building for Resilience, Innovation, Cooperation and Security'. South African President Cyril Ramaphosa also attended, emphasizing trade expansion and industrialization aligned with the African Continental Free Trade Area. Iranian President Masoud Pezeshkian condemned Western sanctions and urged bloc members to use national currencies for intra-group trade. He noted that pressure on Iran has shifted from sanctions to military aggression, impacting global fuel prices. India's government adopted a slogan focusing on resilience and sustainability rather than specific country names to maintain neutrality among expanding members.
