South Africa is benefiting economically from its membership of Brics, which goes way beyond political engagements, President Cyril Ramaphosa told the National Council of Provinces (NCOP).
Fielding questions during the NCOP on Thursday, he highlighted the benefits the country was deriving as a member of Brics. The group is now known as Brics Plus following the addition of six new member countries - namely Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the UAE.
“We, as a country, have benefited a great deal [through] the association with other Brics countries. China today is our largest trading partner and this has largely been cemented, upheld and encouraged by our membership of Brics,” Ramaphosa said.
He added that South Africa continued to reap economic benefits from its association with the group, with talks during bilateral events going beyond political engagement.
“Many other Brics members, who have now been admitted, are going to find that Brics is an important forum that goes beyond just the political engagements at that level but also involves economic development, trade extension, technology extension and many other beneficial areas that advance humanity.”
He said just being associated with Brics led to “a great deal of economic benefits for our country”.
“Our trade with Brics countries has grown in leaps and bounds, and many of the areas in which our trade has grown has been by virtue of being associated in Brics. So there is a clear economic benefit there,” he said.
He believes the expansion of Brics membership will give a “great boost, particularly to the Global South”.
He hinted at the possible further expansion of the group, which would give further credence to its growing influence in global matters.
“We are, as it is now, going to consider membership applications from many other countries that want to be part of Brics, so Brics continues to grow. It continues to grow in importance, economically, politically, as well as [where] trade is concerned,” he said.
“Brics is the great attraction that many countries now see for development and we want to keep Brics as an important forum, as an important partnership that progresses countries that are associated with it or part of it,” he said.
Responding to a question on the financial impact of hosting the Brics Summit in August, Ramaphosa said the economic benefits had outweighed the costs as it had attracted hundreds of visitors to the country.
“When you have an event like that, it inevitably leads to an economic benefit immediately because many of these people come with money from their own countries to spend here, so it increases the number of people who work,” he said. – SAnews.gov.za
