Rio de janeiro: President Cyril Ramaphosa has underscored the need for BRICS countries to commit to multilateralism with equity, inclusive economic growth, and technology with humanity. The President was speaking at the 17th BRICS Leaders' Summit in Rio de Janeiro, Brazil.

According to South African Government News Agency, President Ramaphosa highlighted that BRICS has now expanded and represents nearly half of the global population, while it also accounts for over a third of the world's Gross Domestic Product (GDP). This expansion provides the countries with an opportunity to strengthen and deepen their cooperation, ensuring a more equitable, just, democratic, and balanced multipolar world order.

The BRICS Outreach and BRICS Plus engagements were emphasized as important platforms for expanding strategic dialogue and building strong ties with countries from the greater Global South and other emerging markets. President Ramaphosa praised Brazil for recognizing the potential of BRICS as a platform for developing solutions that are urgently needed worldwide.

The President also welcomed the proposal to establish a BRICS New Investment Platform, highlighting its potential to enable faster, low-cost, more efficient, transparent, safe, and inclusive cross-border payment instruments. This platform is expected to facilitate the mobilization of diverse and expanded sources of investments into projects in the BRICS countries, with the BRICS New Development Bank playing a crucial role.

He commended the President of the NDB, Dilma Rousseff, for the excellent work being done by the bank and called for the group's continued collective commitment to safeguard and support the rules-based multilateral trading system as embodied in the World Trade Organisation (WTO). The President further recognized the important work undertaken to review the Strategy for BRICS Economic Partnership 2030.

Turning to technological advancement, the President noted that the Fourth Industrial Revolution (4IR) has ushered in a new era in the social and economic life of all countries and people. He stressed the need for new policies and strategies to enable an inclusive, whole-of-society approach, highlighting the importance of global institutions and inclusive participation.

The President welcomed the recent adoption of United Nations-endorsed high-level political principles on artificial intelligence (AI), which provide the international community with a common value-driven approach to AI. Under South Africa's current G20 Presidency, a Task Force on Artificial Intelligence, Data Governance, and Innovation for Sustainable Development has been established, presenting an opportunity to address limitations in international AI governance.

In his remarks, President Ramaphosa underscored the importance of committing to multilateralism with equity, economic growth with inclusion, and technology with humanity. He emphasized that AI should enhance the interests of all, not just a select few, echoing sentiments expressed by Brazilian President Lula da Silva.