South Africa will participate in the 14th BRICS Trade Ministers Meeting in Moscow, Russia on 26 July 2024, to explore trade and investment opportunities, according to a government official. Before departing for the meeting, Zuko Godlimpi, South Africa’s deputy minister of Trade, Industry and Competition said, “South Africa will continue to identify opportunities for cooperation with BRICS partners, both bilaterally and through the BRICS platform, that would present opportunities for the continent to transition away from its historic role as a commodity exporter toward higher productivity value addition.”
He said he envisioned the initiatives facilitating a shift from Africa’s traditional role as a raw material exporter towards enhancing productivity and value addition across the continent. Additionally, he mentioned that the BRICS Trade Ministers Meeting will be preceded by a roundtable discussion that will follow the theme, “The Place of BRICS in the New Architecture of the International Economic System.”
Godlimpi said the meeting, scheduled for later this week, will present an opportunity for South Africans to form beneficial trade and investment relationships aimed at driving economic transformation and promoting value-added trade. He highlighted South Africa’s goal to attract foreign direct investment into productive sectors through BRICS partnerships as well as aligning positions on global governance.
BRICS initially represented the emerging-market economies of Brazil, Russia, India, China and South Africa. In January this year, the bloc expanded to include Saudi Arabia, Egypt, Ethiopia, UAE and Iran. The increased bilateral trade and investment resulting from the growth of BRICS will have increased benefits for South Africa. Enhanced market access has the potential to boost the country’s manufacturing output, stimulate new sector growth, foster innovation and enhance overall competitiveness.
South Africa will now have access to larger markets provided by BRICS countries which can boost South African exports particularly in mining, agriculture and manufactured goods. Through BRICS South Africa aims to enhance its voice in global economic governance ultimately representing emerging market economies on international platforms.
BRICS facilitates the investment flows into South Africa, supporting infrastructure development, industrial projects and technological advancements. This collaboration with BRICS encourages diversification of South Africa’s economy away from traditional sectors. This creates competitiveness in new industries and promotes innovation.
