Durban - Africa’s economic agenda for mutually accelerated growth is one of the key issues that will be discussed by the South African chapter of the BRICS Business Council (BBC) at the annual general meeting (AGM) in August.
The business council AGM will precede the BRICS summit, which is expected to take place in Durban and which has already seen the heads of state of the BRICS countries accepting the in-person invite from President Cyril Ramaphosa.
Durban is set to host the leaders of Brazil, Russia, India and China at the 15th BRICS Summit from August 22 to 24.
BRICS is now one of the world’s most important economic blocs, representing more than one quarter of global GDP (32%) and 42% of the world’s population. Its’ growing popularity has seen various countries, primarily in the global south, showing an interest forming a part of the economic force and anchor that BRICS has proven to be.
South Africa’s overall trade with its BRICS partners has increased by an average growth of 10% between 2017 and 2021. BRICS now accounts for 21% of South Africa’s global trade in 2022, with trade with China accounting for about 15% of South Africa’s global trade, with a total trade of R556 billion. India now accounts for 6% of the total trade, increasing from R140 billion in 2021 to R225 billion in 2022.
Busi Mabuza, who sits at the helm of the SABBC as Council Chair, unpacked the roadmap at the BBC Annual Midterm Meeting hosted by the South African Chapter on May 5.
Mabuza said the summit was an opportunity to shine a light on Africa and to showcase its commercial capabilities, as well as to reinforce trade ties with Brazil, Russia, China, and India.
Mabuza said the 2023 theme, BRICS and AFRICA; Partnerships for mutually accelerated growth, sustainable development, and inclusive multilateralism, “underpins the Trade and Investment Promotion posture assumed by the SABBC for this chairship, a posture that has been proposed for the joint adoption by all BRIC partners”.
The proposed posture is currently under consideration by Brazil, Russia, India and China Chapters.
Mabuza said the SA Chapter intends to shift the focus towards balancing the trade composition by drilling down on South Africa’s trade statistics against each of the BRIC countries, to identify bottlenecks, bolster performance where required, and ensure reciprocity and mutual benefit for all member states.
The series of events will culminate in the BRICS Business Forum, which is one of the key pillars of the summit with participation by the heads of states of BRICS countries.