President Cyril Ramaphosa of South Africa has revealed that more than 20 countries are expected to join the BRICS family.
“More than 20 countries have formally applied to join BRICS and several others have expressed an interest in becoming part of the BRICS family. South Africa supports the expansion of the membership of BRICS,” President Ramaphosa said in an address to the nation on Sunday.
The South African leader noted that an expanded BRICS will represent a diverse group of nations with different political systems that share a common desire to have a more balanced global order.
Ramaphosa’s remarks come at a time South Africa is scheduled to host the 2023 BRICS summit ( Aug 22-24).
He added that the 15th BRICS Summit will discuss a number of issues including the important issue of the possible expansion of the membership of BRICS.
“The value of BRICS extends beyond the interests of its current members. For its efforts to be more effective, BRICS needs to build partnerships with other countries that share its aspirations and perspectives,” said Ramaphosa.
BRICS – Brazil, Russia, India, China and South Africa – make up a quarter of the global economy, they account for a fifth of global trade and are home to more than 40 per cent of the world’s population.
“BRICS as a formation plays an important role in the world due to its economic power, market potential, political influence and development cooperation.Yet the value of BRICS extends beyond its sheer size,” he said.
He also explained that BRICS countries can collectively shape global dynamics, and acting together, have the potential to drive significant changes in the world economy and international relations.
“Together, the BRICS members have used their collective voice to call for a world that is more equitable, balanced and governed by an inclusive system of global governance.”
Being a BRICS member has created positive opportunities for South Africa. It has enabled our country to have a strategic relationship with China.
Based on the strategic relationship between South Africa and the People’s Republic of China we will be signing several agreements during President Xi’s State visit.
We have steadily strengthened trade and investment ties with other BRICS countries alongside collaboration in areas like development, skills, technology, security and innovation.
South Africa has benefited from the New Development Bank, which was established by the BRICS countries in 2015.
Our country has been funded by the bank in several infrastructure projects to the value of R100 billion in sectors such as roads, water, transport and energy.
South Africa has always championed the interests of Africa within BRICS.
To further advance the African development agenda, more than 30 Heads of State and Government from across Africa will be attending the summit.
We want to build a partnership between BRICS and Africa so that our continent can unlock opportunities for increased trade, investment and infrastructure development.
There are great opportunities for other BRICS countries to participate in the African Continental Free Trade Area by locating production and services in various countries on the African continent, including our own, by partnering with local companies and entrepreneurs.
