South Africa to give China platform on trade as BRICS meet

 

South Africa is likely to give a platform for Chinese-led fight back against American president, Donald Trump’s protectionism. The country is currently hosting the summit, encompassing Brazil, Russia, India, China and South Africa’s government and business leaders.

It has been a decade of the BRICS summit but the first since there prospect of a full-blown global trade war threat.

Chinese President Xi Jinping has already used his visit to the country to forge friendships and consolidate influence with multi-billion dollar investments in Africa, including South Africa, which counts China as its biggest trading partner.

China is at stake of a trade-war accounting for the bulk of the combined gross domestic product of about $17trn that BRICS represents.

“I expect to see a bold, sweeping statement led by the Chinese side that will condemn protectionism and de-globalization with an intent to keep the global trading regime intact and predictable,” Martyn Davies, managing director for emerging markets and Africa at Deloitte, said by phone. “Access to the global economy through trade has underpinned China’s economic success over the past 2 1/2 decades.”

Source: Fin24

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