Minister of Trade and Industry, Rob Davies says that BRICS group has the ability to embark on innovative measures that aimed at addressing deep imbalances afflicting the globe through the establishment of various structures.
Davies was speaking at the opening discussion at the 10th BRICS Summit in Sandton Convention Centre, Johannesburg. The Summit adopted the theme: BRICS in Africa – Collaboration for Inclusive Growth and Shared Prosperity in The Forth Industrial Revolution.
The Minister said that the theme adopted by this year’s summit articulates the premise from which South Africa wishes to engage partners in the global trading environment.
Economic growth must be underpinned by principles of transparency, inclusiveness and compatibility with multilateral trading system that is centred on supporting the development of lesser development among the collective said Davies.
“We have launched the African Continental Free Trade Agreement (AfCFTA) that will create a large, integrated market of 1.07 billion people with a combined GDP of $3.3 trillion.”
The DTI minister further said that AfCFTA is based on the development integration agenda which aims to promote structural transformation and development of regional value chains. “The agenda offers opportunities for cooperation on industrial development and to boost productive capacity through diversification and beneficiation of resources”.
“As we move towards larger and more integrated market, there is equally the need for adequate, effective, affordable and well-maintained infrastructure to support economic growth, attract investment and enhance service delivery” he added.
By Ntsiki Ntsibande