Pretoria - President Jacob Zuma has returned to South Africa upbeat and pleased with the outcomes of the 7th Brazil Russia India China South Africa (BRICS) Summit held in Ufa, Russian.
The President led the South African delegation to the BRICS Summit, which took place under the theme: "BRICS Partnership - A Powerful Factor in Global Development”.
Speaking on his return from Russia, President Zuma said the summit succeeded in deepening cooperation amongst BRICS nations and in bolstering the BRICS formation for a greater contribution to global political and economic affairs.
"There is no doubt in our minds that almost seven years after we joined BRICS, the world's geopolitics is changing and the BRICS bloc of countries is having a significant impact particularly on the developing economies. We are pleased with the outcomes of the seventh BRICS Summit," the President said.
Amongst other things, the BRICS leaders welcomed the entry into force of the Agreement on New Development Bank (NDB) signed during the sixth BRICS Summit in Fortaleza.
The leaders said the NDB shall serve as a powerful instrument for financing infrastructure investment and sustainable development projects in the BRICS and other developing countries as well as emerging market economies.
The seventh BRICS Summit also noted the conclusion of the ratification process of the Treaty Establishing a Contingent Reserve Arrangement of the BRICS and its entry into force and the signing of the BRICS Inter-Central Bank Agreement.
More cooperation explored
President Zuma used the occasion of his visit to Ufa to hold bilateral meetings with his BRICS counterparts on the side-lines of the summit, wherein the scope of South Africa's existing political, economic and socio-cultural ties with these countries was discussed and new areas of cooperation were explored.
President Zuma was accompanied to the Summit by the Minister of International Relations and Cooperation Maite Nkoana-Mashabane, Finance Minister Nhlanhla Nene, Energy Minister Tina Joematt-Petterson, Minister of State Security David Mahlobo, Arts and Culture Minister Nathi Mthethwa, as well as business representatives from South Africa. – SAnews.gov.za
