Minister in the Presidency Jeff Radebe says the Brazil, Russia, India, China and South Africa (Brics) collaboration has become one of the most recognised groupings in the global economy, constituting in excess of a quarter of global gross domestic product, accounting for 43% of the world’s population and holding 40% of global currency reserves, estimated at around $4.4-trillion.
“Our economic cooperation agenda now extends beyond trade and investment issues to include customs cooperation, trade facilitation, industrial and innovation policy, intellectual property, e-commerce and small business development,” he noted.
Radebe added that Brics countries accorded high priority to innovation as a key driver for economic growth and that South Africa’s National Development Plan aimed to unlock the institutional, human and structural impediments to higher growth in the country.
“It offers a framework for faster growth and socioeconomic transformation and the Brics countries are an important part of this strategy,” he commented.
Radebe said South Africa remained committed to developing infrastructure that connected it to the rest of Africa.
By: Natalie Greve