South Africa has identified five key areas of co-operation for its Brics partners – infrastructure development, agriculture, manufacturing, mining and beneficiation, the green economy and tourism. This follows the first meeting of the Brics Business Council where leading business personalities from Brazil, India, China, Russia and South Africa gathered in what is widely regarded as the first real step in turning talk to action in driving real trade growth among the partners. President Jacob Zuma said South Africa was on course to spend in excess of four trillion rand in the coming years, focusing on rail, roads, energy, water, sanitation and the communication sectors throughout the country. “The Brics-Africa engagement and dialogue signals a new departure and a new avenue to take forward the continent’s development agenda,” he said. While South Africa is considered small fry within the grouping of developing economies – as a group Brics represents some of the world’s fastest growing economies – the country has already seen benefit from its association. In 2012, South Africa’s total trade with the Brics countries stood at R294 billion, some 11% higher than the 2011 figure of R264 billion. Total trade with Brazil grew from R18 billion in 2011 to R20 billion in 2012, representing a growth of 11%. Total trade with Russia increased from R3 billion in 2011 to R5 billion in 2012, a growth of 45%. Total trade with India, which is South Africa’s sixth largest trading partner, grew substantially from R53 billion in 2011 to R67 billion in 2012, representing a growth of over 26%. Trade with China grew by 7%, expanding from R188 billion in 2011 to R201 billion in 2012. But South Africa has also called on its Brics partners to re-examine the trade balance. Earlier this year, while on a visit to China Zuma called on the country’s biggest trading partner saying a more equitable balance of trade was needed. Total trade between South Africa and China amounts to some R201 billion with South African exports to China totalling R89 billion in 2012, compared with imports from China, which stood at R112 billion. As South African manufacturers have increased pressure on the government to address the importation of what is often referred to as “cheap Chinese products”, South Africa is starting to take a stand. A sentiment echoed by the Brics Business Council chairman, Patrice Motsepe, in a media briefing where he maintained that whatever trade and investment deals were agreed on between Brics partners had to have equal benefit to all. Brics countries stood at R294 billion, some 11% higher than the 2011 figure of R264 billion.
