The recently concluded Brazil India China South Africa (BRICS) Summit has sparked widespread curiosity and sparked discussions about removing regulations that hinder the bloc’s goal of creating a new currency. This new BRICS currency aims to boost intra-trade among the member nations, particularly benefiting small enterprises.
In his address, President Cyril Ramaphosa of South Africa emphasized the importance of a predictable global payment system, smooth operation of banking and financial flows, and facilitation of trade and investment flows for global economic recovery. He expressed his commitment to continuing discussions on practical measures to achieve these goals.
China, one of the BRICS member countries, stressed the need for financial cooperation within the bloc to foster financial development. President Xi Jinping stated, “We, the BRICS nations, should strengthen ourselves through unity and act responsibly to enhance cooperation and promote high-quality development. We should deepen business and financial cooperation to boost economic growth. Development is an inalienable right for countries, not a privilege.”
Meanwhile, South Africans on the streets expressed their hopes for positive impacts from the summit. Xolani Machele, a South African citizen, emphasized the benefits of collaborating with entrepreneurs from other countries, especially China, to gain exposure to advanced technologies. He highlighted the importance of technology for his business and welcomed the opportunity to collaborate with small businesses from other countries. Joseph Manwele, another South African citizen, emphasized the need for interventions from countries like China to address youth unemployment in the country.
Among the high-level discussions at the summit, special attention was given to the issue of cutting tariffs that restrict small farmers from BRICS countries from engaging in local trade in South Africa. Sithembile Ntombela, CEO of Brand SA, noted that expanding the BRICS bloc to include other interested countries would help accelerate agricultural trade. She highlighted the significant growth in inter-BRICS trade over the years and the untapped potential for further collaboration within the bloc.
Furthermore, as the leaders of the BRICS countries gathered in Johannesburg, discussions on the conference floor also revolved around trade barriers such as the global economic growth slowdown and geopolitical tensions between member nations.
The BRICS Summit provided a platform for leaders to explore opportunities for the bloc and address key challenges hindering economic cooperation. The focus on building a mutual financial system and fostering unity among the member countries has the potential to drive economic growth and offer new prospects for entrepreneurs and small businesses within the bloc.
By Africanews/Hauwa M.
