Department of Trade and Industry’s (DTI) Minister Rob Davies says members of the BRICS member countries have the potential to challenge and dominate established world economies.
More than 1 000 delegates from Brazil, Russia, India, China and South Africa and other African countries gathered in Johannesburg last week for the 10th BRICS Summit.
Davies explained that BRICS matters as an important grouping of emerging economies with great investment potential.
“BRICS nations haven’t realised their full power,” says Davies.
South Africa last week signed a number of trade agreements with China worth billions of rands. The signed agreements are related to various diverse entities including Eskom and Transnet, and with private companies such as Standard Bank and Naspers.
“The strategic importance of BRICS lies in the fact that it is about 40% of the world’s population and 23% of the world’s GDP,” said Davies.