Brics – the formidable collection of emerging trading markets Brazil, Russia, India and China, along with SA being the most recent member – is without a doubt acquiring and maintaining muscle amid international investors, and in addition the African continent will as a result reap some benefits as a result of a greater depth of cooperation in a variety of areas.
Briefing mass media following on from the Sanya summit, Nkoana-Mashabane proclaimed Africa in its entirety would most likely reap the benefits of South Africa being a member of Brics, specifically in areas which include economic integration, trade and investment and improving good governance.
“Our fortunes [as African countries] are generally connected. As much as we did not approach the AU to seek out a mandate to join Brics, SA diplomats speak out for the well being of SA as well as the African continent in general,” Nkoana-Mashabane told a media briefing.
Nkoana-Mashabane stated with the continent accepted as a developing region, Africa can certainly anticipate to reap some benefits economically in areas which include agriculture, infrastructure, IT as well as assist Africa to benefit as a result of a great deal more equitable world governance bodies.
She pointed out that Brics’ drive for the reform of the global institutions of governance as well as the UN will assure that African issues enjoy centre-stage in deliberations within the UN Security Council, the IMF and World Bank.
The meeting, which contributed to bringing together the five fastest growing economies, contributed to a statement being issued by Brics elaborating on their vision for common development and shared prosperity, as well as put forward several new campaigns for global economic governance.
The three-day get together, that concluded on Friday, additionally called for the swift achievement of the targets for the reform of the International Monetary Fund accepted during the recent G20 summit, and reiterated that the governing structure of the international financing institution should preferably mirror the changes in the world economy.
The leaders promised to support the change and improvement in international monetary systems for the creation of a stable, reliable and broad-based international reserve currency system.
The five Brics nations made a decision to hold another meeting of high-level representatives later this year in China to talk about security issues, embark on joint research on economic and trade issues, promote cooperation in sports and encourage collaboration in scientific, technological and innovation cooperation.
Source: BuaNews, csmonitor.com, thenewage.co.za, news4u.co.in,