BRICS Business Council

BRICS makes its presence felt

Total trade within the BRICS (Brazil, Russia, India, China, and South Africa) grouping amounted to $6.1 billion last year, President Jacob Zuma said on Tuesday.

“This represents 16.8 percent of global trade,” he told delegates at the BRICS business council meeting in Johannesburg.

“The presence and influence of the BRICS grouping continues to be felt.”

Zuma said the strength of BRICS was amplified by the fact that these countries accounted for 43 percent of the world’s population.

“Indeed, we are all gathered here because we see value in the BRICS partnership in many respects.”

In 2012, South Africa’s total trade with BRICS countries stood at R294bn, up from R264bn in 2011.

Total trade with Brazil grew from R18bn in 2011 to R20bn in 2012, and with Russia from R3bn in 2011 to R5bn in 2012.

Zuma said total trade with India, South Africa’s sixth largest trading partner, grew substantially from R53bn to R67bn.

Trade with China grew from R188bn in 2011 to R201bn in 2012.

“All these impressive statistics… should provide you with the determination and confidence to deliver on the imperatives…” he told delegates.

Trade and Industry Minister Rob Davies said the council meeting was intended to deepen the partnerships to enhance co-operation and development on the African continent.

BRICS council South African chairman Patrice Motsepe said it was crucial that the commitment to increase trade and investment was seen, and “quantifiable”.

“There’s a new sense of urgency,” Motsepe said.

He emphasised “value-added trade” and common objectives being sought.

“BRICS is not about excluding other countries,” said Motsepe.

“We want to see investments quantify… It is important to build on the BRICS partnership.” – Sapa

Four big Brics announcements awaited

Four concrete deliverables are expected at the 5th BRICS Summit at Durban March 26-26, 2013, that will take the process of the five-nation bloc forward to the next level, Indian officials said on Monday.

Prime Minister Manmohan Singh, who arrived here on Monday evening, will join the leaders from Brazil, Russia, China and South Africa for the summit, being held in the African continent for the first time.

The four deliverables expected at the summit are:

– The eThekwini Declaration, named after the alternate name for Durban to set the future agenda for the bloc

– The launch up of the BRICS Business Council on Wednesday at the breakfast meeting among leaders.

– A consortium of five think tanks from each of the five countries, with India represented by the Observer Research Foundation.

– Two pacts on BRICS Multilateral Infrastructure Co-financing Agreement for Africa and BRICS Multilateral Cooperation and Co-financing Agreement for Sustainable Development where India is represented by its Exim Bank.

Ahead of the summit, the prime minister had said in a statement that he looked forward to engaging with the other BRICS leaders on ways to spur global growth, sustain macroeconomic stability and push investments.

“At a time when the world is facing multiple challenges, the Durban Summit provides a useful and timely opportunity to consult and coordinate on a broad range of issues with our BRICS partners,” he said.

“We will discuss ways to revive global growth and ensure macro-economic stability, as well as mechanisms and measures to promote investment in infrastructure and sustainable development,” he said.

“India will also urge faster movement on reform of institutions of global political and economic governance. It is important that BRICS continue to consult closely on developments affecting global peace and security.” – ibnlive.in.com