August 24, 2023
2 mins read

‘BRICS Trade and Investment Vital for Global Economic Growth’

BRICS countries make up a quarter of the global economy, a fifth of global trade and more than 40 percent of the world’s population…reports Asian Lite News

South African President Cyril Ramaphosa has warned against “the new wave of protectionism and the subsequent impact of unilateral measures” and called for “transparency and inclusiveness” to safeguard economic growth.

BRICS economies have “emerged as powerful engines of global growth,” and “the changes that have taken place in BRICS economies over the past decade have done much to transform the shape of the global economy,” Ramaphosa said while addressing the BRICS Business Forum Leaders’ Dialogue here, Xinhua news agency reported.

The BRICS countries make up a quarter of the global economy, a fifth of global trade and more than 40 percent of the world’s population, while trade between BRICS countries totaled some 162 billion US dollars in 2022, he said, stressing the important role of foreign investment in the growth of BRICS economies.

“However, the new wave of protectionism and the subsequent impact of unilateral measures that are incompatible with WTO rules undermine global economic growth and development,” he warned.

“We therefore need to reaffirm our position that economic growth must be underpinned by transparency and inclusiveness. It must be compatible with a multilateral trading system that supports a developmental agenda,” he said.

He also called for “a fundamental reform of the global financial institutions so that they can be more agile and responsive to the challenges facing developing economies, hailing the New Development Bank established by BRICS countries in 2015 for having demonstrated ability to mobilise resources for infrastructure and sustainable development in emerging economies without conditionalities.

Noting that the rapid economic, technological and social changes underway create new risks for employment, equality and poverty in many BRICS countries, he called on the business community “to join hands with us to identify solutions to these and other challenges affecting our respective economies.”

The president also invited BRICS countries to invest in Africa, which will be positioned as “the next frontier of productivity and growth” with its rich critical minerals and massive untapped potential for investment in infrastructure, agriculture, manufacturing, new energy, the digital economy as well as in skills development, small and medium enterprises, and others.

ALSO READ-BRICS nations take aim at dollar dominance

Previous Story

India’s Lunar Achievement Resonates Globally

Next Story

Xi Jinping Urges BRICS Unity Against Cold War Mentality

Latest from -Top News

Bangladesh Elections on EU Radar

EU Pre-Election Team to Visit Bangladesh in September Ahead of 13th Parliamentary Polls…reports Asian Lite News Bangladesh Election Commission’s Senior Secretary Akhtar Ahmed announced on Monday that a European Union (EU) pre-election

After Pakistan, China Backing Iran Too?

China and Iran signed a 25-year comprehensive cooperation agreement that covered trade, energy and security, showcasing the strategic value that Beijing places on Tehran….reports Asian Lite News Despite its long-standing claims of

US-India ties is a slow-motion catastrophe

For the first time in two decades, Trump’s actions, statements, and coercive tone have made relations with the US a combustible domestic political issue in India, writes Manoj Menon The post-globalisation uncertainty

Modi Welcomes Marcos Jr to Delhi

PM Modi Welcomes Philippines President Marcos Jr to Strengthen India-Philippines Ties…reports Asian Lite News Prime Minister Narendra Modi on Tuesday warmly welcomed Philippines President Ferdinand R. Marcos Jr at Hyderabad House in

Is Bangladesh Turning Into a Theocratic State?

The rise of radical Islamic influence under Yunus’s watch threatens to transform Bangladesh from a secular democracy into a theocratic state….writes Anna Mahjar-Barducci Nobel Peace Prize laureate Muhammad Yunus’s transition from economist
Go toTop

Don't Miss

BRICS Focus: UAE and India’s Pledge to Multilateralism

The UAE also reaffirmed its commitment to working closely with

Mutual cooperation crucial for post-Covid recovery: Modi at BRICS summit

Prime Minister Modi has underlined the role of BRICS countries