UAE & China Boost Local Currency Trade: A New Era in BRICS Crypto Space

• UAE Aims for a More Prominent Global Position Through Chinese Trade Cooperation
• BRICS Alliance Expanding its Reach Globally
• UAE and China: Enhancing Bilateral Trade
• Newly Expanded BRICS Members Set to Increase African Presence
• De-Dollarization Key to Bloc's Mission

UAE Aims for a More Prominent Global Position Through Chinese Trade Cooperation

The United Arab Emirates (UAE) has reportedly expressed its desire to enhance trade links with China, following its invitation to join the BRICS. The aim is to establish itself as a key player on the global stage. Both nations are looking to enhance their involvement in the Pacific Islands and Africa, focusing on bilateral investment and cooperation. The report suggests that this enhanced cooperation will likely be transacted in the Chinese yuan, opening a gate for China to further its influence in the Middle Eastern region. This may play a pivotal role in shifting the global power balance further away from Western dominance.

BRICS Alliance Expanding its Reach Globally

This year has seen a notable growth in the influence of the BRICS alliance, marking a significant development in global politics. The alliance's plans for de-dollarization have started to materialize on a global level. The first expansion plan was implemented during the 2023 annual summit, further strengthening the block's presence on the world stage.

UAE and China: Enhancing Bilateral Trade

As part of the expansion, the UAE and China, both members of the BRICS alliance, are looking to increase their bilateral trade conducted in local currencies. This move is part of the UAE's strategic efforts to enhance its global standing through such investments.

Newly Expanded BRICS Members Set to Increase African Presence

The UAE is among five countries set to enter the economic alliance at the start of the new year alongside Saudi Arabia, Iran, Egypt, and Ethiopia. These latest members of the BRICS alliance aim to reinforce their presence in African countries. Additionally, the UAE is planning to increase its overall use of the yuan.

De-Dollarization Key to Bloc's Mission

If an increase in the use of local currency results from the enhanced cooperation, it would undoubtedly further the bloc's overall mission. The economic alliance has been vocal about its de-dollarization strategy since the beginning of the year, and such a development could bring them closer to the multipolarity they have consistently pursued.

Edited by Jonathan Stoker