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The United Arab Emirates is looking for increased trade with China to become one of the global players. Both countries are trying to increase their cooperation by indulging in bilateral investments and cooperation to grow their presence in the Pacific Islands and Africa. The report further says that trade between the two countries will be done in the Chinese yuan. This will allow the Middle Eastern countries to grant China a passageway of influence in the region. Due to this, there should be a shift in the global power balance away from Western dominance. China and UAE – BRICS development efforts Throughout the year, the BRICS alliance has had a high prevalence, which has highly developed the geopolitical sector. The block has seen its de-dollarization plans begin to take hold on a global level. In addition, it conducted its very first expansion plan during its annual summit in 2023. At the moment, one of the nations in the expansion is attempting to increase its global reputation. To be specific, the BRICS members China and UAE are seeking an increase in bilateral trade in local currencies. Moreover, the former is seeking an increase in its global role through investments. The UAE was one among five countries that were set to join the economic alliance at the end of the year. Specifically, it is set to join Saudi Arabia, Iran, Egypt, and Ethiopia as the newest BRICS members. The members are set to join forces to increase their presence in African nations. The UAE is also set to grow its all-round use of the yuan. If, by chance, there would be an increase in local currency, which was a result of increased cooperation then it would certainly aid the blocs’ overall mission. Since early this year, the economy has been open about…

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Filed under: News - @ December 26, 2023 12:02 am