[ad_1]
By Danny Bradlow
The 10th BRICS Summit to be hosted by South Africa will be closely followed. It comes at a time when extraordinary global political and economic challenges are facing the world.
The BRICS block is composed of 5 of the main countries of the South – Brazil, Russia, India, China and South Africa. 19659005] The challenges facing the world range from country-specific problems to domestic poverty, inequality and unemployment, climate change and a global economic system that favors business interests, especially finance and technology. The immediate political challenges are related to the changing dynamics of global economic governance. The current world power, the United States, seems to want to launch trade wars with China and the European Union. Africa can not avoid being affected by a trade war between these three economic powers, which are its three largest trading partners.
The United States is also withdrawing from the multilateral governance arrangements it has created. For example, he retired from the next United Nations Conference on Migration and the United Nations Human Rights Council. And Washington is effectively paralyzing the World Trade Organization (WTO) by refusing to accept the appointment of new judges to the WTO Appellate Body.
These developments create an unstable and unpredictable situation for all countries. Small players on the world stage, such as South Africa and other countries of the continent, risk becoming collateral damage in the destruction of current global governance arrangements.
Faced with all these complex challenges, how to judge the success of the BRICS summit?
Three tests can be used: are the BRICS strengthened? What will be the benefits for Africa? How does the bloc plan to influence the reform of global economic governance?
Strengthening the BRICS
One of the objectives of the next summit should be to strengthen relations between the BRICS partners
. look at the number and quality of chords to emerge from the top. A successful summit will result in a series of substantive agreements. The world will be able to review the results in the statement issued at the end of the meeting
It is important to note that the summit is the ultimate event in a year-long process. Throughout the year, various groups of BRICS government officials, civil society groups and technical experts met to discuss issues of common interest. They included technical groups such as the BRICS Water Forum and a Committee on Customs Cooperation. Others have involved political issues, such as meetings of foreign ministers and officials who help guide their leaders to the summit (known as the Sherpas).
Participants try to reach agreements on issues of mutual interest. create a BRICS vaccine research center – or find ways to collaborate in sectors such as tourism. Their job is also to try to resolve disputes.
These efforts fuel the work of the summit as the Sherpas prepare the declaration of what has been agreed. The details of the agreements that have been signed will be published in a statement at the end of the BRICS Summit in Africa
Since the theme of this year's summit is: "The BRICS in Africa: Collaboration for inclusive growth and Shared Prosperity in the 4th Industrial Revolution ", it is reasonable to expect that the BRICS summit will benefit Africa.
An area that would be of benefit to the continent would be a signal from leaders that BRICS members are ready to fund infrastructure projects on the continent. This is important because Africa is putting in place a new and ambitious continental free trade agreement. Successful implementation will require the construction of an infrastructure capable of connecting the continent internally and with other parts of the world
The BRICS could position itself to play a vital role in financing these projects d & # 39; infrastructure. the new BRICS development bank and the funds that China has created to support its One Belt One Road initiative.
Thus, the success of the summit will depend on its ability to generate new financing for sustainable infrastructure in Africa and the nature of funding.
Reform of Global Governance
A goal shared by all BRICS states is the reform of global economic governance structures such as the World Bank and the International Monetary Fund (IMF). The block was not particularly successful in this mission. But this year can be a good time to promote reform.
US-led actions have undermined their leadership position in the world and may have made other countries more open to governance reforms in major international economic organizations. This is particularly relevant for the IMF, which is reviewing its quota allocations. A change would lead the world body to better respond to the concerns of its poorer member countries.
There is a longstanding call for the inclusion of a third African president on the IMF's board of directors. It is unacceptable that the 46 countries of sub-Saharan Africa have the lowest level of representation from all regions of the IMF's board of directors. South Africa should push the BRICS to support this call.
The BRICS should also support the IMF's accountability to the countries affected by its operations. This could be done by requiring the IMF to create an independent accountability mechanism. It is currently the only multilateral financial institution that does not have one.
One of the main advantages of the BRICS lies in their ability to lead efforts to significantly reform the global economic system. It is therefore incumbent upon the citizens of the BRICS countries to hold their governments accountable for the fulfillment of this potential.
[ad_2]
Source link
