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"We need to discuss the role of trade and inclusive growth," he said before an enthusiastic audience with delegates from Brazil, Russia, India, China and Japan. South Africa at the opening of the 10th BRICS Summit in Sandton.
The President of the People's Republic of China, Xi Jinping, also used his opening remarks to highlight the dangers of unilateralism that are rising on the international scene and stressed the need for multipolarity.
"We are faced with a choice between confrontation and cooperation, we are at a crossroads and we must build a common future for humanity," said Xi
"Wars The economic hegemony should be rejected, those who pursue it will only hurt themselves, and as BRICS we should be resolved to reject unilateralism and protectionism. "
The leitmotif of this BRICS Summit as stated by its leaders is to embrace openness and inclusiveness, and to ensure people-centered growth.
The elephant in the play was the United States who initiated trade wars with many of its traditional trading partners, causing consternation among the emerging economies of the world.
The Minister of Trade and Industry, Rob Davies Forum, said: "South Africa is a collateral damage in the current trade wars because the international trading system is rebalanced not in the United States. # 39; majority interest, but in the interest of a party. "
Davies criticized the fact that the US was increasing its tariffs on steel and aluminum and some countries were exempted while others were not. "South Africa accounts for only 1% of US steel imports, but our representations to the US to exempt us from tariffs have failed."
In what could be interpreted as a veiled threat, Davies pointed out that the South African poultry industry was considering launching a lawsuit against the US poultry import concession, being given that the benefits of South Africa under the African Growth and Opportunity Act have been violated. as an important and vital forum for cooperation after a decade of successful collaboration. "We have succeeded in shaping an ambitious program and our intra-BRICS cooperation is gaining momentum in the fields of finance, agriculture, trade, science and technology, health , education and security ". The New Development Bank is one of the most important achievements of the BRICS.
In just three years, the bank has granted Rs 5.7 billion (Rs 75 billion) in loans to BRICS member countries and plans to increase this amount to $ 15 billion over the next three years. coming years.
According to deputy chairman of the Development Bank, Leslie Maasdorp, they planned to extend their lending mandate to the private sector, which is willing to take risks in the long run, in a move that goes beyond Beyond the funding of
Ramaphosa also hailed the creation of the BRICS Business Council as an outstanding achievement.
Addressing the Business Forum, BRICS Business Council President, Dr. Iqbal Survé, noted that the new Development Bank is expected to grant more loans to BRICS countries over the next few years than the World Bank does. granted them in 75 years.
million. Survé said that the three accomplishments he hoped to achieve by the end of this week's summit would include a visa-free regime for bona fide business travelers, technology transfer between the BRICS and the creation from a BRICS rating agency.
Davies summed up the general feeling of the delegates at the summit when he said: "This BRICS summit will be a signal to the world that there is another part of the world that represents 42% of the world's population, and that it is significant. "
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