President Cyril Ramaphosa said the BRICS partnership will provide an opportunity to change the trajectory of the Global South.
Ramaphosa made this comment on the second day of the 16th BRICS Summit in Kazan, Russia.
The South African head of state said BRICS is an inclusive formation that has the ability to change the Global South, but in order to do this, nations must realise the full potential of this economic partnership to ensure sustainable development for all.
“We must undertake bold steps towards a mutual, shared and equitable prosperity. Like most of the world, South Africa desires the smooth operation of supply chains, trade, tourism, and financial flows free from external influence in a multi-polar world,” he added.
The president said that the BRICS partnership has an important role in addressing the challenges of the Global South in partnership with like-minded emerging market countries.
The use of local currencies and trade opportunities
“We look forward to the report back by our Finance Ministers and Central Bank Governors on the use of local currencies in international trade and financial transactions between BRICS members and their trading partners,” he said.
The president explained that a few days before the summit, a number of BRICS Business entities gathered in Moscow to explore tangible trade opportunities between our countries.
“For South Africa, these endeavours, which are focused on practical results are critical in addressing our country’s central national priority of inclusive economic growth,” Ramaphosa said.
“To achieve the objectives of the BRICS Strategy for Economic Partnership 2025, we must further explore pathways to unlock opportunities and address challenges confronted by micro, small and medium-sized enterprises in BRICS countries,” he noted.
“We must intensify cooperation among BRICS members by launching common development programmes in the fields of exports, industrial cooperation and technology exchange.”
As a result, Ramaphosa has called for the recalibration of trade rules to enable industrialisation.
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