Celebrating a decade of multilateral partnership this year, the BRICS Bloc find themselves at an age where Western Economies are faced with many challenges, the BREXIT and the current trade war started by the United State. The BRICS bloc has drawn the line on the sand regarding where they stand with the current global economies state.
BRICS leader signed agreements during the 10th summit, one being of a multilateral system.
South African President Cyril Ramaphosa said in closing remarks after the summit “we reaffirm the centrality of the rules-based, transparent, non-discriminatory, open and inclusive multilateral trading system, as embodied in the World Trade Organization, which promotes a predictable trade environment and the centrality of the WTO”.
The BRICS 10th summit in South Africa came just after U.S. President Donald Trump raised tariffs against China.
BRICS is partnering with emerging economies to grow their footprint in global economies, BRICS states have over the years actively collaborated with industrialised countries to boost their economy. Working with emerging economies the BRICS bloc is ensuring more influence in global economy; the trade between the BRICS bloc and emerging economy ensure that less power is given to developed countries. Emerging economies and developing country has in recent years accounted for a substantial amount of the global gross domestic product.
Xi Jining at the BRICS Business Forum in South Africa last month, said: “We should ensure that economic globalization will deliver more benefits. We should help emerging markets and developing countries, African countries and the least developed countries in particular, fully involve themselves in international division of labour and share in the benefits of economic globalization.”
Economist believe that if BRICS stays relevant and take advantage of the opportunities presented by the crimpling state of Western economies, BRICS and emerging countries will lead the global economic space. Economists view the BRICS bloc as an opportunity to take over global trade.
By Ntsikelelo Kuse