South Africa’s participation in the BRICS (Brazil, Russia, India, China, and South Africa) has risen significantly, according to President Cyril Ramaphosa, since the country joined the club of emerging countries 12 years ago.
On Monday, the President made the statements in the most recent edition of his weekly email. For this year’s Leaders’ Summit, he and other BRICS heads of state will virtually converge. The ceremony will be hosted by Chinese President Xi Jinping.
“There is much to be gained from our membership in BRICS and the contacts we have made with other member countries,” he added as the administration strives to rebuild the country following the COVID-19 outbreak.
According to him, one of the major foundations of BRICS cooperation has always been the strengthening of economic and financial connections.
“To improve access to each other’s markets, boost mutual trade and investment, and create a business-friendly environment for investors in all BRICS nations, the countries have established the Strategy for BRICS Economic Partnership.”
Diversifying trade so that more manufactured items, rather than raw commodities, are traded is a key aspect of this approach, particularly for South Africa.”
South Africa’s exports to other BRICS countries accounted for over 17% of total exports last year, while imports from these countries accounted for over 29% of total imports.
As a result, he said, these countries were important trading partners, and the value of their commerce was growing. In 2021, total commerce between South Africa and other BRICS countries would reach R702 billion, up from R487 billion in 2017.
“At a time when we are focusing on increasing our economy’s capacity and competitiveness, these trade ties will be critical to the expansion of local industry.”
As a result, there is a direct link between our energy, telecommunications, and transportation reforms, infrastructure investment, and measures to remove red tape on the one hand, and our efforts to grow exports to our BRICS allies on the other.
“These reforms are also critical for attracting more investment from the BRICS countries into our economy,” he added.
Tourism, which was greatly damaged by the COVID-19 pandemic, is one field with significant potential, according to the President.
“In 2018, tourists from other BRICS nations accounted for 65 percent of all arrivals in South Africa, and these markets are likely to contribute significantly to the sector’s revival.”
As a result, it is crucial that travelers from India and China can now take advantage of our new eVisa program, which makes visiting our nation easier and less expensive,” he stated.
He expects the New Development Bank (BRICS Bank) to play a key role in providing financial and project preparation support for infrastructure and sustainable development projects as the government seeks funding from various sources to fund the country’s ambitious infrastructure build agenda.
The bank has given South Africa R86 billion to strengthen service delivery in essential areas.
Under the COVID-19 Emergency Loan Programme, the bank further proved its flexibility by quickly sanctioning $2 billion for each BRICS member.
The BRICS Corporate Council and the BRICS Women’s Business Alliance, in addition to government activities, are strengthening linkages between our different business communities.
“They’ve been looking at agribusiness, aviation, financial services, energy, manufacturing, and infrastructure development, as well as improving regulatory conditions and developing skills.”
“In the domain of health, the coordination among BRICS nations, particularly in response to the COVID-19 epidemic, has put South Africa in a stronger position to respond effectively to current and future health emergencies.”
“The virtual BRICS Vaccine Research and Development Centre was established in March after several years of planning,” he stated.
The center was supposed to make it possible for BRICS countries to collaborate on vaccine research, development, and manufacture. It will also assist our countries respond to future pandemics by ensuring fair distribution of COVID-19 vaccines, strengthening health systems, and preparing for future pandemics.
South Africa sees the BRICS Vaccine Research and Development Centre as a beneficial development in the country’s attempts to boost its vaccine manufacturing capabilities, according to President Ramaphosa.
“We will be urging our BRICS colleagues to endorse the notion that vaccinations for Africa should be manufactured on the continent,” says the statement.
The BRICS Ministers of Agriculture agreed a BRICS Strategy on Food Security Cooperation earlier this month. This is particularly relevant as concerns about food security develop in the aftermath of COVID-19, the Ukraine conflict, and the growing effects of climate change.
The plan strives to preserve sustainable agriculture production, unrestricted access to seeds, fertilizers, and other agricultural inputs, and steady food value chain functioning.
More broadly, the President stated that this week’s meeting intends to herald in a new era of inclusive, sustainable, and equitable global development.
“The BRICS group can assist a prolonged and equitable global recovery by reforming the multilateral system, including the United Nations, and refocusing the attention and resources of the global community on the sustainable development agenda,” he said.