BRICS economic potential must be realised – President Ramaphosa

Kazan, Russia: President Cyril Ramaphosa has called on the BRICS bloc of countries to ensure that the potential of the bloc's economic partnership is realised for the benefit of all the members. He was delivering South Africa's country statement during the 16th BRICS Summit currently underway in Kazan, Russia. The leaders of Brazil, China, Egypt, Ethiopia, India, Iran, Russia, South Africa and the United Arab Emirates are meeting for the first time since new members were invited to join BRICS during the Johannesburg II BRICS Summit of 23 August 2023. Together, the powerful bloc of countries holds around 35% of the global Gross Domestic Product (GDP) and 20% of world exports. 'Our story is a story of solidarity, mutual respect and mutual benefit. BRICS is an inclusive formation that has the ability to change the trajectory of the Global South. 'To do this, we must realise the full potential of our economic partnership to ensure sustainable development for all. We must undertake bold steps towards a mutua l, shared and equitable prosperity,' the President said on Wednesday. The President explained that in order for the BRICS Strategy for Economic Partnership 2025 to be achieved, the bloc must 'explore pathways to unlock opportunities and address challenges confronted by micro, small and medium-sized enterprises in BRICS countries'. 'We must intensify cooperation among BRICS members by launching common development programmes in the fields of exports, industrial cooperation and technology exchange. We have called for the recalibration of trade rules to enable industrialisation. 'We must enhance beneficiation of mineral endowments of BRICS countries closest to source. This is important for development and for the advancement of our decarbonisation goals,' he said. Going further on the point of decarbonisation and its twin issue in climate change, President Ramaphosa warned that the two issues have the potential to 'deepen global inequality'. 'We must acknowledge the devastating impact on lives and livelihood s of our current climate trajectory. As South Africa, we remain committed to a just transition to a low carbon economy. 'We are committed to the reduction of global emissions, guided by the principle of common but differentiated responsibilities and respective capabilities. While countries with developing economies remain severely impacted by climate change, they have contributed the least to the current climate crisis. 'It is therefore vital that industrialised nations honour their climate commitments and ensure a just and equitable transition. It is essential that climate actions do not deepen global inequality or stifle the developmental aspirations of the Global South,' President Ramaphosa said. Source: South African Government News Agency