Brics benefits will flow into Africa

South Africa’s invitation to join the Bric group of countries (Brazil, Russia, India and China) will clearly boost Africa’s emerging economies. Analysts have keenly been watching events unfold after China officially invited South Africa to join Bric in December 2011. Bric, which will now be renamed Brics, is set to benefit Africa significantly. According to the International Marketing Council, the move will definitely boost trade and investment in South Africa and the continent because South Africa is widely considered the gateway to Africa. According to International Relations and Cooperation Minister Maite Nkoana- Mashabane, the rationale for South Africa’s approach was related to a matter of crucial importance to Brics member states, namely “the role of the emerging economies in advancing the restructuring of the global political, economic and financial architecture into one that is more equitable, balanced and rests on the important pillar of multilateralism”. South Africa, which first approached Bric in 2009 about the possibility of becoming a member, will be attending the third Brics Leaders’ Summit in China later this year. According to Yang Jiechi, Chinese Minister of Foreign Affairs, South Africa’s accession will promote the development of Brics. “It will also enhance cooperation among emerging market economies,” he said in a statement. The International Monetary Fund predicts that Brics will account for 61% of global growth in three years. “Sooner or later the economic importance of the Brics will have to be adequately taken into account,” the IMF said.