Wednesday, 17 October 2018
Latest news
Main » SA scores big as it sets the stage for Brics meeting

SA scores big as it sets the stage for Brics meeting

26 July 2018

The world is faced with "a choice between confrontation and co-operation we are at a crossroad", warned People's Republic of China President Xi Jinping at the opening of the BRICS summit in Joburg on Wednesday.

Xi said the next decade would see "a profound reshaping of the global governance system" despite the "dark shadows of terrorism and armed conflict" and mounting unilateralism and protectionism. "A global trade war should be rejected because there will be no victor".

"China is ready to invest and work with South Africa in various sectors, such as infrastructure development, ocean economy, green economy, science and technology, agriculture, environment and finance", Ramaphosa told reporters.

South Africa is likely this week to provide a platform for a Chinese-led fightback against US President Donald Trump's protectionist agenda as it hosts leaders of the so-called Brics group of nations, encompassing Brazil, Russia, India, China and South Africa.

This year's summit is themed "BRICS in Africa, collaboration for inclusive growth and shared prosperity in the 4th Industrial revolution ".

Xi continued that emerging markets and developing countries already contribute 80 percent of global economic growth, and based on exchange rate calculation, these countries account for almost 40 percent of the global economic output.

North Korea's provocation level has dimmed, US Commander says
But the Fake News is saying, without ever asking me (always anonymous sources), that I am angry because it is not going fast enough.

BRICS is a platform for dialogue and cooperation among emerging markets and developing countries.

"We are exceedingly optimistic about the future of this country, more so now than in December", Lungisa Fuzile, the Johannesburg-based lender's South African head, said at a panel discussion in the city late Tuesday.

Sreeram Chaulia, of the Jindal School of International Affairs outside Delhi, told AFP that BRICS leaders "concur that the U.S. has unleashed punitive trade wars that are hurting all the BRICS members".

South Africa's trade and industry minister Rob Davies said other investments planned by China included an expansion of electronics firm Hisense's local operations and a metallurgical complex in Limpopo province.

"South Africa represents only 1% of United States steel imports, but our representations to the Americans to exempt us from the tariffs were unsuccessful". He cited the country's ranking at 21 on the World Bank's Doing Business 2018 report and Transparency International's Corruption Perception Index 2016, on which the UAE is ranked as the 24th least corrupt out of 176 assessed economies, as potential reasons.

SA scores big as it sets the stage for Brics meeting