South Africa’s hosting of the 10th BRICS Summit opened the way for deep strengthening of ties between the BRICS countries and further illustrated that BRICS might move slowly, but these five countries do have a lot in common and can work together to pressing issues.
As US-China trade tension creates new fears of global uncertainty and a possible economic crisis similar to that in 2007/2008, BRICS might be the answer or the alternative to the traditional systems and a voice for multilateralism. One thing that has been noted as the glue of the BRICS countries is each other’s respect for Sovereignty.
Sovereignty is the key aspect that BRICS countries value the most and the biggest problem the BRICS faces at the moment is having an equal footing, or rather not letting China be the
? force within the BRICS bloc,
Each country should step up and show its worth.
During the 2018 BRICS summit in Sandton late in July, The BRICS countries agreed to collaborate in these key areas: energy research, Science technology, Tourism, Re-evaluating intra BRICS trade and Small and Medium-Sized Enterprises. Bilaterally: South Africa and Russia have already been working closely on mining equipment and vehicles, and have promised to engage further on that.
India and China are making head way in the internet and mobile space, as Chinese internet e-commerce and e-payments companies are starting to become leading forces in India.
South Africa and Brazil are working closer together on issues of health, with the establishment of a vaccine Centre underway.
According to Daily Maverick, “Collectively, BRICS countries have a GDP of $18.5 trillion, or 22.8% of the share of global GDP, and despite the geographic distance between some BRICS countries, the combined value of intra-Brics trade is estimated at $242 billion”.
By Mokgethi Mtezuka