South Africa’s membership to the Bric group of emerging economies will prove to add value and benefits to the country’s trade and exports, President Jacob Zuma said.
“It is going to positively encourage and promote the development of trade and investment which boosts industrialization and stimulates job creation,” said Zuma.
In economics, BRIC can be described as a grouping acronym that makes reference to the countries of Brazil, Russia, India and China, who are all considered to generally be at a comparable phase of newly advanced economic development. It is usually rendered as “the BRICs” or “the BRIC countries” or as an alternative as the “Big Four”.
He was addressing a question in the National Assembly with regards to the benefits associated with being a member of the Brazil, Russia, India and China grouping. South Africa becoming a member of the bloc would most likely take it from Bric to Bricsa.
Zuma talked about the business opportunities and possibilities offered for South Africa to do business with the various other Bricsa members were “fantastic”.
“We at the same time co-operate as members in the aspects of finance, agriculture, statistics, justice development, finance institutions, business development and exchange in addition to academia.
“Completely new elements of co-operation are increasingly being given consideration when it comes to science and technology, culture, sport, climate change and energy.”
He explained the “influence,effect and impact” associated with the grouping was increasingly being felt internationally and that South Africa’s membership connected the African continent to other countries in the world.
South Africa is going to participate in its very first meeting as a member of the group on 14 April.