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The adoption of multiculturalism, strengthening intra-BRICS cooperation and increased investment in Africa were the focal points of President Cyril Ramaphosa and the speeches of Chinese President Xi Jinping during the 39th opening of the BRICS summit on Wednesday
. The BRICS Business Forum where 400 representatives of companies from Brazil, Russia, India, China and South Africa were present.
"We are concerned by the increase in unilateral measures inconsistent with the rules of the World Trade Organization and we are concerned about the impact of these measures, particularly on developing countries. said Ramaphosa, reiterating the sentiments shared by Commerce Minister Rob Davies on Wednesday.
READ MORE: US-led trade war threatens multilateralism 19659005] As BRICS countries work on a comprehensive plan to deal with the effects of the US-China trade war, Ram Aphosa sees more opportunities in the African Trade Agreement (TFTA) signed by 44 African states in July this year. He said the TFTA offers BRICS countries access to a market of more than 1 billion people and a combined GDP of more than $ 3 trillion.
"The value of this free trade area will not materialize" Ramaphosa also highlighted the investment opportunities available in South Africa, naming sectors such as renewable energy, recycling, biofuels, infrastructure hydraulic, energy, mining and mineral enrichment.
Chinese President Xi Jinping echoed Ramaphosa's words on the trade war and the change of world powers.
Jinping warned that the trade war between China and the United States would see no winner.
"The economic hegemony should be even more reprehensible because it would undermine the collective interest of the international community.Those who follow this course will eventually hurt themselves."
Xi Jinping said that Africa is not only a region with more development potential in the world, but that it has more developing countries than any other continent, so the BRICS should strengthen cooperation with Africa and make it a model of South-South cooperation.
Africa has grown by two to three percentage points more than world GDP and its growth is expected to exceed five percent this year Ramaphosa
The Chinese president announced that the country will host an international import exhibition in Shanghai in November and that all countries are welcome to attend.
"This exhibition will serve as a new platform for the world's access to the Chinese market. To date, more than 2,800 companies from more than 130 countries and regions have confirmed their participation, "said Mr. Jinping.
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