South African President Cyril Ramaphosa said on Monday that the country should leverage its BRICS membership to deepen economic cooperation, expand trade and investment, and deliver tangible benefits to its people
In his weekly newsletter following the 18th BRICS Summit in New Delhi, India, Ramaphosa said BRICS is an important platform for building political and economic ties that benefit the country and people.
“Through BRICS, we will continue to add our voice to the growing call from the Global South for an inclusive world order rooted in mutual respect and shared prosperity, and we will continue to use our membership of BRICS to develop our economy and improve the lives of our people,” he said.
More than one-fifth of South Africa’s trade is conducted with other BRICS countries, Ramaphosa said, noting that the country has also benefited from development financing provided by the New Development Bank.
The bank has financed major infrastructure projects in South Africa in areas including energy, water and transport, while the BRICS Contingent Reserve Arrangement gives the country access to a pool of $100 billion in currency reserves in the event of a liquidity crisis, he added.
“Through our BRICS membership, we have deepened practical cooperation in fields such as science and technology, research, education and skills development. We have led people-to-people exchange through bodies like the BRICS Youth Council, BRICS Think Tanks Council, the BRICS Network University and others,” the president said.
Looking ahead, Ramaphosa said South Africa’s priority is to continue to use its BRICS membership to deepen bilateral cooperation and expand trade and investment ties.
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