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SA attends WTO Ministerial meeting in India

 

Trade and Industry Minister Rob Davies will this morning attend the World Trade Organisation’s (WTO) Ministerial Meeting in India.

The aim of the ministerial meeting is to exchange views and ideas on how to best address the challenges facing the Multilateral Trading System (MTS), as well as discuss issues of concern to developing countries.

The two-day meeting which gets underway today, is taking place in New Delhi.

This as there are different diagnoses of problems facing the MTS. The meeting will provide an opportunity for the exchange of views among participating countries on current developments in the Multilateral Trading System with a view to promote inclusive growth and development.

“We need to shape a multilateral trade environment that is conducive and supportive of industrialization, and supports structural transformation and economic diversification. This includes recognizing the necessity of policy space for developing countries, especially African countries to pursue our development objectives and promote regional integration,” said Davies.

The Minister further highlighted that the meeting is taking place at a time when global trade is going through a period of uncertainty with an increase in protectionism in some countries and a backlash against trade agreements and globalization due to lack of inclusive growth.

The Government of India that is organizing this meeting, expressed the hope that this meeting will provide a direction on how to constructively engage on the various issues facing the WTO.

These include the current challenges in the appointment of Appellate Body Members in the build up to the next WTO Ministerial Council meeting that will take place in 2020.

The meeting in Delhi will conclude tomorrow.

 

– SAnews.gov.za

New South Africa BRICS Business Council announced

South Africa’s Trade and Industry Minister, Rob Davies announced a new SA BRICS Business Council on Tuesday.

The council set to promote investment and strengthen ties among the BRICS bloc comprises of Busi Mabuza, Dr. Ayanda Ntsaluba, Bridgette Radebe, Dr. Stavros Nicolaou, and Elias Monage. The new Business Council members have impressive experience, locally and internationally.

The Business Council replaces the previous council which was elected during the fifth BRICS summit held in March 2013 in Durban.

“It is imperative that the SA BRICS Business Council is located within the ambit of organized business in South Africa and is appropriately representative and accessible to all business,” said Davies.

The BRICS Business Council has nine working groups across the BRICS member countries – agribusiness, the digital economy, financial services, energy and green economy among others.

South Africa is currently the chair of the BRICS Business Council and will handover the global chair to Brazil. 

READ MORE: BRICS Chairpersonship handed to Brazil

 

 

Source: IOL

 

Min. Rob Davies on how BRICS benefits South Africa

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.

Source: 702

SA’s plan to boost investment in underdeveloped regions

South African Government wants to accelerate economic development in the country's underdeveloped areas by attracting investors to these regions.
The R42 million Babelegi Industrial Park project expected to be launched in Hammanskraal next week is one of the projects under the Revitalisation of Industrial Parks Programme which is aimed at attracting investment.

The Babelegi Industrial Park boasts about 261 units available for leasing and 188 occupied by firms operating in textiles, engineering, construction, light manufacturing, warehousing and distribution.


The Department of Trade and Industry Minister Rob Davies said the objective of the programme was to also create jobs in manufacturing and related sectors, the Citizen newspaper reported.

“The dti has forged strategic partnerships for the implementation of the programme on a national scale working with the provinces, their agencies as well as municipalities,” Davies was quoted as saying by the newspaper.

“In the case of Babelegi, the department is working with the North West Development Corporation, who are also the owners of the park. The City of Tshwane has also played a strategic role in ensuring the smooth implementation of the programme,” he said.