Reading Time: 6 mins read
With a triple–digit inflation, a steadily deteriorating national currency, the peso, and an overwhelming burden of debt repayment on a $44 billion loan agreement with the International Monetary Fund (IMF), frustrations with the Western system and a yearning for an alternative path to development and international cooperation seem quite widespread in the country.
The UAE, another influential Middle East country, has been a friend of BRICS for quite some time. It joined the BRICS New Development Bank in October 2021, after it was established in 2015. The UAE, which enthusiastically accepted the BRICS’ invitation, said it has consistently championed the value of multilateralism in supporting peace, security, and development globally.
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