Pretoria - South Africa will participate in the 8th BRICS Summit, which will be held in Goa, India.
The South African delegation will be led by President Jacob Zuma. The summit will be held from 15 - 26 October under the theme: 'Building Responsive, Inclusive and Collective Solutions’.
“The BRICS [Brazil, Russia, India, China and South Africa] countries will consult on intra-BRICS cooperation and on global issues such as international conflicts, the fight against terrorism and reform of the global system of governance, notably the democratisation of the United Nations and the Bretton Woods Institutions,” the Presidency said on Thursday.
In addition to the issuing of the Goa Declaration and Action Plan, various memoranda of understanding will be announced and signed, which are aimed at expanding the BRICS institution.
BRICS leaders will also engage once again in an Outreach Summit, together with the leaders of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC). The regional organisation brings together 1.5 billion people from Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka and Thailand, with a combined GDP of over US$ 2.5 trillion.
Leaders will also meet with the BRICS Business Council, which focuses on infrastructure, manufacturing, financial services, energy and the green economy, skills development, agribusiness and deregulation.
The economic ties between and among BRICS countries are being strengthened through the Strategy for BRICS Economic Partnership that was adopted at the previous summit.
In 2015, total intra-BRICS trade amounted to R3.1 trillion.
South Africa's exports to BRICS countries increased from R123 billion in 2011 to R147 billion in 2015. In the same period, SA imports from BRICS countries increased from R115 billion to R270 billion. Total Intra-BRICS FDI was R554 trillion at the end of February 2016.
With regards to the New Development Bank (NDB) and the Contingent Reserve Arrangement, which was established in 2014, the Presidency said all major operational policies and procedures have been finalised.
The board has approved the first set of projects, with a total commitment of US $811 million and another project for $100 million is currently under consideration.
“All of these projects are broadly in the area of renewable energy. Through its first set of loans, the NDB has begun the process of establishing its credentials as an institution that supports green and sustainable infrastructure,” the Presidency said.
SA received a loan to the value of US $180 million for an Eskom project from the NDB.
The leadership of the bank has also established a range of partnerships with key national and global institutions, such as the Asian Infrastructure Investment Bank (AIIB).
“The bank will complement the efforts of other existing financial institutions to realise the common goal of global growth and cater for specific needs of the Global South, also by utilising its own means,” said the Presidency.
Ahead of the BRICS Summit, Trade and Industry Minister Rob Davies is leading a South African delegation in New Delhi at the BRICS Trade Fair, as well as the Meeting of BRICS Trade Ministers and the BRICS Business Forum.
On the sports and recreation front, the BRICS Under-17s Football Cup Tournament has been played throughout the week, with South Africa having lost 3-0 to Brazil and played a goal-less draw with China.
President Zuma will be accompanied by the Minister of International Relations and Cooperation Maite Nkoana-Mashabane; Minister of Trade and Industry Rob Davies; Minister of Science and Technology Naledi Pandor; Minister of State Security David Mahlobo, Minister of Small Business Development Lindiwe Zulu and the Deputy Minister of Finance Mcebisi Jonas. - SAnews.gov.za
