South African business community expects BRICS summit to enhance trade

Published: May 04,2023

BRICS countries (Brazil, Russia, India, China and South Africa) are expected to discuss measures to relax some trade hindrances, increase trade among member states and promote post-pandemic economic recovery, said Ayanda Ntsaluba, an official from the South African Chapter of BRICS Business Council, Tuesday.

Ntsaluba told Xinhua in an interview that they have been engaging with business councils from other BRICS countries on the ideas, and have invited leaders from regional economic communities to meet with the BRICS leaders to discuss business.

“We will be looking at how best we can give momentum to the shared commitment that trade should be more balanced, and should be exploiting areas of comparative advantage like agriculture. We have identified some areas (in) which we find obstacles that limit our ability across a variety of goods and services,” said Ntsaluba.

Bilateral trade between South Africa and China as well as that between South Africa and India have shown impressive growth, he noted, adding that they would like to further strengthen relatively low trade with Russia and Brazil.

Ntsaluba said they would like to explore how to increase the export of South African beef, grapes and wines to China and other BRICS countries.

South Africa will host the BRICS summit on Aug. 22-24, according to Ntsaluba, who expected that the whole African continent will be benefited by the event.

“We will explore ways to find synergy between BRICS and African Continental Free Trade Area, and to explore ways to enhance skills exchange among the countries,” Ntsaluba said.

Expecting to receive more tourists from other BRICS countries, Ntsaluba said they would like to work with neighboring countries to have a combo where tourists from BRICS countries can visit South Africa and other countries in the region. “We will also explore how we can partner (with) BRICS countries to help us to skill our youths with critical skills to be more prepared for opportunities of the global economic craft,” he said.

South Africa assumed the BRICS presidency on Jan. 1, 2023, taking over from China.

Xinhua