President Cyril Ramaphosa has addressed the BRICS Business Forum as the economic bloc meets to expand and diversify trade and investment amongst the member countries.
The BRICS Business Forum, which Ramaphosa addressed virtually ahead of Russian President Vladimir Putin hosting BRICS leaders for the 16th annual BRICS summit, will take place in Kazan from Tuesday until Thursday.
On Monday, Ramaphosa travelled to Russia to attend the BRICS Summit, where he will also hold a bilateral meeting with Putin on the sidelines of the summit.
The Kazan gathering will also see the presence of newly expanded version of the economic bloc, sometimes referred to as BRICS+ which is now made up of nations including Egypt, Ethiopia, Iran, and the United Arab Emirates, as well as previous members Brazil, Russia, India, China, and South Africa.
Ramaphosa said the historic expansion of BRICS creates further opportunities to foster robust trade and development cooperation.
“The expanded BRICS group now covers 43% of the world’s population. The group together accounts for 27% of global GDP and a fifth of world exports. The opportunities for cooperation and economic progress are immense,” said Ramaphosa.
He said the BRICS Business Council has a crucial role in expanding trade between BRICS countries.
“As governments, we are committed to support the work of business. We look forward to the report of the BRICS finance ministers and central bank governors to the BRICS Summit on the strengthening of correspondent banking networks between BRICS countries and enabling settlements in local currencies,” said Ramaphosa.
He said as the global economy undergoes far-reaching technological change, BRICS countries must create a collaborative environment for the advancement of digital technology.
“E-commerce in particular has great potential to enhance market access and economic growth. We support the call for international rules and standards on issues such as cross-border taxation and data privacy,” said Ramaphosa.
He added that South Africa is ready to play its part in realising the economic potential of BRICS.
“In the midst of an improved economic outlook for South Africa, growth forecasts for the next two years have been revised upwards. Our newly-elected Government of National Unity has prioritised structural economic reform, massive investment in infrastructure and improving the business operating environment,” he said.
South Africa has a diverse economic base with developed industries in areas such as manufacturing and services.
“We have sophisticated financial services, world class infrastructure and abundant natural resources. We call on fellow BRICS countries to participate in thegrowth of South Africa and indeed the rest of the African continent. The African Continental Free Trade Area is unlocking massive opportunities for trade, investment and industrial growth,” said Ramaphosa.
He added that the African continent is actively looking for partnerships that will unlock the dynamism and potential of its 1.3 billion people.
“Africa is home to a population that is young, digitally connected and increasingly urbanised. Investment in skills development is growing a workforce that will make the African continent an engine of production and growth well into the future. The success of the African Continental Free Trade Area requires a substantial investment in infrastructure,” said Ramaphosa.
“We therefore call on fellow BRICS countries to partner with us to build the roads, ports for imports and exports, rail, energy and telecommunications networks that will enable Africa to industrialise and trade with other countries across the world.”
Media reports indicate that this year’s BRICS Summit presents another opportunity for the expansion of the bloc as Putin has also invited dozens of other countries that have applied for membership, or are considering.
The invited nations include Azerbaijan, Belarus, Turkey, and Mongolia – according to reports.
On the sidelines of the BRICS Summit, Putin will also have bilateral meetings with other visiting heads of state in Kazan, including Chinese leader Xi Jinping.
Last year, Putin attended the the 2023 BRICS Summit in South Africa via video link from Moscow amid the debacle of an International Criminal Court (ICC) arrest warrant.
South Africa is an ICC signatory and was therefore obliged to help in apprehending Putin if he landed in Pretoria.
Russia’s Foreign Minister Sergei Lavrov attended and represented Putin at the 2023 summit.
