http://www.engineeringnews.co.za
  SEARCH
Login
R/€ = 13.76Change: 0.11
R/$ = 10.96Change: 0.10
Au 1193.42 $/ozChange: 4.09
Pt 1213.50 $/ozChange: 10.00
 
 
Note: Search is limited to the most recent 250 articles. Set date range to access earlier articles.
Where? With... When?








Start
 
End
 
 
And must exclude these words...
Close Main Search
Close Main Login
My Profile News Alerts Newsletters Logout Close Main Profile
 
Agriculture   Automotive   Chemicals   Competition Policy   Construction   Defence   Economy   Electricity   Energy   Environment   ICT   Metals   Mining   Science and Technology   Services   Trade   Transport & Logistics   Water  
What's On Press Office Tenders Suppliers Directory Research Jobs Announcements Contact Us
 
 
 
RSS Feed
Article   Comments   Other News   Research   Magazine  
 
 
Apr 18, 2011

Brics nations moot trade in own currencies

Back
Agriculture|Africa|System|Africa|Brazil|China|India|Russia|South Africa|Rob Davies
Agriculture|Africa|System|Africa||
agriculture|africa-company|system|africa|brazil|china|india|russia|south-africa|rob-davies



"Brics" nations could benefit considerably by trading directly in their own countries, cutting out unstable internationally convertible currencies, Trade and Industry Minister Rob Davies said on Sunday.

Davies said such a system would take out the money lost to the "middle man" in conversion, and protect Brics trading partners [Brazil, Russia, India, China ] from the volatility affecting internationally convertible currencies, notably the dollar.

"First of all the middle man always takes a cut and we are also having to take into account the currency fluctuation that happens along the way," he said after returning from the Brics summit in China.

The proposal is considered one of the most interesting developments at the third Brics summit and could have serious implications for the dollar, but it raises question about how the members would calculate conversion rates

Davies said the countries were not "remotely close" to picking the model for making their currencies inter-convertible.

He stressed that the proposal was part of the emerging market countries' call for greater say in how the world's financial system was run and the debate on which currencies should be in the emergency "basket" of drawing rights managed by the International Monetary Fund.

Davies said monetary policy in the developed world was wreaking havoc on developing economies like South Africa by inflating their currencies as investors went hunting for higher exchange rates.

The summit marked South Africa's debut in the club of fast-growing economies that account for 40 percent of the world's population.

Davies said South Africa was well aware that in many ways it did not measure up to Brazil, China, India and Russia but had been invited because it served as a gateway to Africa.

He described the meeting a "very successful entry into Brics" and said important bi-lateral trade issues were discussed, especially with China.

Chinese delegates were sympathetic to South Africa's call for investment in beneficiation, which could have positive implications for the country's export revenue.

At the moment South Africa exports mainly raw mineral materials to China while importing manufactured goods.

Commenting on the Doha Round of tariff negotiations, Davies said it was imperative that the talks continued but addressed obstacles for developing nations, notably agriculture subsidies.

"There must be a next round but it must be a development round."

Edited by: Sapa
Comment Guidelines (150 word limit)
 
 
 
 
 
 
 
 
 
Latest News
Industrialisation remains a major part of the South African developmental agenda and an important vehicle towards achieving the Department of Trade and Industry’s (DTI’s) target of creating 100 black industrialists in the next five years, Trade and Industry...
The construction of a new innovation hub in the heart of the Dube TradePort, in Durban, was set to kick off in March 2016, as Dube TradePort Corporation sealed a R160-million lease agreement with Eureka Capital. Eureka Capital planned to develop a seven-storey 21 500...
A month before it plans to list on the main board of the JSE, property group, the Pivotal Fund has posted a net asset value per share excluding deferred tax (NAVPS) for the six months ended August 31, of R15.55 – a 5.9% increase on the NAVPS at the end of the...
More
 
 
Recent Research Reports
Defence 2014: A review of South Africa's defence industry (PDF Report)
Creamer Media’s Defence 2014 report examines South Africa’s defence industry, with particular focus on the key participants in the sector, the innovations that have come out of the sector, local and export demand, South Africa’s controversial multibillion-rand...
Road and Rail 2014: A review of South Africa's road and rail infrastructure (PDF report)
Creamer Media’s Road and Rail 2014 report examines South Africa’s road and rail transport system, with particular focus on the size and state of the country’s road and rail network, the funding and maintenance of these respective networks, and the push to move road...
Real Economy Year Book 2014 (PDF Report)
This edition drills down into the performance and outlook for a variety of sectors, including automotive, construction, electricity, transport, steel, water, coal, gold, iron-ore and platinum.
Real Economy Insight: Automotive 2014 (PDF Report)
This four-page brief covers key developments in the automotive industry over the past 12 months, including an overview of South Africa’s automotive market, trade figures, production and the policies influencing the sector.
Real Economy Insight: Construction 2014 (PDF Report)
This five-page brief covers key developments in the construction industry over the past 12 months. It provides an overview of the sector and includes details of employment in the sector, infrastructure and municipal spending, as well as insight into companies’...
Real Economy Insight: Electricity 2014 (PDF Report)
This five-page brief covers key developments in the electricity industry over the past 12 months, including details of State-owned power utility Eskom’s generation activities, funding and tariffs, independent power producers and prospects for the sector.
 
 
 
 
 
This Week's Magazine
JSE-listed real estate investment trust (REIT) Rebosis Property Fund achieved a distribution growth of 8.1% to 99.45c per linked unit in the financial year ended August 31, despite volatile market conditions.
JAMES ROBERTS The MOM incubator was designed to help babies in developing nations who were dying in conflict-struck nations or who do not receive hospital care
A low-cost, inflatable incubator won this year’s international James Dyson design award, which aims to encourage and inspire the next generation of design engineers.
The World Bank released its ‘Doing Business 2015: Going Beyond Efficiency’ report last month and ranked South Africa 43 out of 189 global economies for its ease of doing business, with Singapore topping the rankings.
Air Products South Africa officially launched its R300-million Eastern Cape air- separation unit (ASU), at its new manufacturing facility in the Coega Industrial Development Zone (IDZ), earlier this month. It is the second facility that Air Products launched in South...
BMW South Africa (SA) has signed a power purchasing agreement with energy company Bio2Watt. The offtake partnership will bring renewable energy to the carmaker’s Rosslyn plant, north of Pretoria.
 
 
 
 
 
 
 
 
 
Alert Close
Embed Code Close
content
Research Reports Close
Research Reports are a product of the
Research Channel Africa. Reports can be bought individually or you can gain full access to all reports as part of a Research Channel Africa subscription.
Find Out More Buy Report
 
 
Close
Engineering News
Completely Re-Engineered
Experience it now. Click here
*website to launch in a few weeks