The new wave of protectionism and the subsequent impact of unilateral measures that are incompatible with WTO rules undermine global economic growth and development, South African President Cyril Ramaphosa said as he opened the 15th BRICS Summit on Tuesday.
Ramaphosa joined Brazilian President Lula Da Silva and China’s Commerce Minister Wang Wentao — who spoke on behalf of his President Xi Jinping — on stage. Russian President Vladimir Putin delivered his address virtually after the leaders met for the BRICS Business Forum Leaders Dialogue.
The President said BRICS needed to reaffirm its position that economic growth must be underpinned by transparency and inclusiveness.
“It must be compatible with a multilateral trading system that supports a developmental agenda. We require a fundamental reform of the global financial institutions so that they can be more agile and responsive to the challenges facing developing economies,” Ramaphosa said, citing the New Development Bank (NDB), established by BRICS countries in 2015, as leading the way in this regard.
“Since its formation, (the NDB) has demonstrated its ability to mobilise resources for infrastructure and sustainable development in emerging economies without conditionalities,” he added.
Ramaphosa said BRICS economies have emerged as powerful engines of global growth. Yet the rapid economic, technological and social changes underway create new risks for employment, equality and poverty in many BRICS countries. We, therefore, call on the business community to join hands with us to identify solutions to these and other challenges affecting our respective economies,” he told the gathering of several hundred captains of industry attending the Summit.
The president also highlighted the opportunities that BRICS countries have to contribute to and participate in Africa’s growth story.
“This can be achieved through greater cooperation in areas such as infrastructure, agriculture, manufacturing, new energy and the digital economy,” Ramaphosa said.
