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Updated September 14th, 2021 at 16:58 IST

South African President waxes lyrical about BRICS bloc; reveals improved ties with India

Addressing the nation, South African President Cyril Ramaphosa said on Monday that the country has "reaped the benefits of membership of this important bloc."

Reported by: Dipaneeta Das
South Africa
IMAGE: AP/ Twitter_@BRICSCouncil_IN | Image:self
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Addressing the nation, South African President Cyril Ramaphosa said on Monday that the country has reaped the benefits of being a member of the BRICS bloc for over a decade. He also added that the developments were most notably in the area of economic cooperation. He spoke about the access to international policies and technological advancements that BRICS membership had offered the nation.

Referring to the BRICS membership as a landmark move, President Cyril said, "Joining the BRICS group of countries in 2010 was a milestone in our quest to advance our own national development priorities."

He also added that the country had since established stronger ties with the important emerging economies of Brazil, Russia, India, and China. He also asserted that South Africa was able to build "strategic alliances" with both the countries of the Global South and mutually beneficial cooperation with the countries of the North after its inclusion in the BRICS group.

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"Put into context, BRICS countries comprise roughly 41% of the world’s population and account for around 24% of global GDP and some 16% of global trade."

President Ramaphosa mentioned that joining BRICS had opened the gates to bilateral trade, particularly with China and India. This had led to a boost in commodity exports and the effect of manufactured goods imports. Furthermore, talking about assistance from the BRICS countries in terms of technological advancements, he noted, "(They are) important sources of foreign direct investment in keys such as mining, automotive, transportation, clean energy, financial services and IT."

Applauding the efforts of the New Development Bank in enhancing the economic stability of South Africa, President Ramaphosa said that it has been "instrumental in financing and (providing) technical support for projects in transportation, clean energy, environmental protection, water infrastructure, and greenhouse gas emissions reduction."

Notably, the New Development Bank (NBD) has its regional office in Johannesburg. Talking about NBD's contribution to meet the COVID-19 crisis in South Africa, Ramaphosa mentioned,

"Since the outbreak of the COVID-19 pandemic, South Africa has received $2 billion in funding from the New Development Bank under the COVID-19 Emergency Loan Programme to fight the pandemic and to support our economic recovery."

Following his participation in the 13th BRICS Summit, President Ramaphosa highlighted BRICS' contribution in the context of climate change. Lastly, he concluded by stating, "In the eleven years since we joined BRICS, our membership has substantially advanced our national interest." With this, he looked forward to deepening the strategic ties with the member nations.

Image: AP/ Twitter_@BRICSCouncil_IN

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Published September 14th, 2021 at 16:58 IST

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