Aug 06, 2012
Experts to meet on Brics development bankBack
Rio De Janiero|Africa|India|Africa|Brazil|China|Mexico|Russia|South Africa|University Of Pretoria|Bank|Development Bank|Finance Bodies|Anil Sooklal|Infrastructure|Jacob Zuma|Mathews Phosa|Mzukisi Qobo
© Reuse this
Speaking at a South African Institute of International Affairs and University of Pretoria Brics panel discussion, he said that a group of experts from the five countries were expected to meet in Rio de Janiero, Brazil, to outline the requirements of a bank and conceive a possible roadmap to its establishment.
The aim of the meetings, the next of which was to be hosted in South Africa, was to examine what the Brics group of emerging countries collectively hoped to achieve with the bank and how to proceed with the set up.
Finance Ministers from each country were tasked with establishing the bank.
The ‘Brics’ bank, which was expected to be launched at the fifth Brics summit, in South Africa, early next year, would fund development and infrastructure, becoming an alternative to the World Bank and other finance bodies for the Brics counterparts.
ANC treasurer general Mathews Phosa last month commented that it could also act as a platform to improve trade opportunities between the member countries.
Phosa stated that the group of emerging countries were expected to play a significant role as growth drivers in the global economy.
University of Pretoria international political economy senior lecturer Dr Mzukisi Qobo noted that there was no “impressive” rise in intra-Bric trade since South Africa joined Brics, owing to a number of trade barriers and tension among the countries. But, he stressed, it did not suggest these countries could not work together.
The Brics emerging countries were positioned to play an important role in contributing to, besides others, world peace and boosting global economic growth, Sooklal said.
Brics accounted for over 40% of the global population and about 25% of the global gross domestic product.
Sooklal also believed that the commitments – financial or otherwise – made by South Africa would benefit the country in the long term.
Last month, President Jacob Zuma committed $2-billion to the International Monetary Fund (IMF) at the G20 summit, in Mexico. Brazil, Russia, India, China and South Africa have in total contributed $75-billion to the IMF fund.
Edited by: Mariaan Webb© Reuse this Comment Guidelines (150 word limit)
Creamer Media Senior Researcher and Deputy Editor Online
Other Trade News
Updated 20 minutes ago President Jacob Zuma on Thursday said the National General Council took place amid a tumultuous economic climate, however, South Africans have something to smile about. Addressing guests on the eve of the NGC at the Gallagher Convention Centre on Thursday, Zuma...
Updated 27 minutes ago Ethiopian Airlines told Boeing Co that the shutdown of the US Export-Import Bank has triggered concerns about the airline's ability to take delivery of Boeing jets already ordered, and would force it to reevaluate future orders. Boeing released a letter from Tewolde...
Updated 48 minutes ago Water is a crucial driver of the South African and world economy and, with demand exceeding supply globally, the World Economic Forum has ranked water as the third-most worrying global risk. As a consequence, water preservation – ranging from water recycling and...
Recent Research Reports
Liquid Fuels 2015: A review of South Africa's liquid fuels sector (PDF Report)
Creamer Media’s Liquid Fuels 2015 Report examines these issues in the context of South Africa’s business environment; oil and gas exploration; fuel pricing; the development of the country’s biofuels industry; the logistics of transporting liquid fuels; and...
Road and Rail 2015: A review of South Africa's road and rail sectors (PDF Report)
Creamer Media’s Road and Rail 2015 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 infrastructure and network, the funding and maintenance of these respective networks, and...
Defence 2015: A review of South Africa's defence sector (PDF Report)
Creamer Media’s Coal 2015 report examines South Africa’s coal industry with regards to the business environment, the key participants in the sector, local demand, export sales and coal logistics, projects being undertaken by the large and smaller participants in the...
Real Economy Year Book 2015 (PDF Report)
There are very few beacons of hope on South Africa’s economic horizon. Economic growth is weak, unemployment is rising, electricity supply is insufficient to meet demand and/or spur growth, with poor prospects for many of the commodities mined and exported. However,...
Real Economy Insight: Automotive 2015 (PDF Report)
Creamer Media’s Real Economy Year Book comprises separate reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, gold, iron-ore and platinum sectors.
Real Economy Insight: Water 2015 (PDF Report)
Creamer Media’s Real Economy Year Book has been divided into individual reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, coal, gold, iron-ore and platinum sectors.
This Week's Magazine
At the sixth IQ Business conference held in Sandton last month, a panel of business leaders and academics advocated that business reclaims the initiative to spur growth in South Africa amid fragmented and haphazard political direction. Management consulting firm IQ...
The building industry is an essential component of the South African economy as it contributes about 15% to the gross fixed investment that drives the economy. However, with the country’s economy going through a tough time currently, this, in turn, reflects on the...
The recipients of the 2015 South African National Energy Association (Sanea)/South African National Energy Development Institute Energy (Sanedi) Awards were announced at a ceremony and banquet in Sandton last month. Sanea chairperson Brian Statham named Exxaro CEO...
As South African information technology (IT) firm EOH posted another full year of strong growth, CEO Asher Bohbot, known for his frank words, people-centric management style and stoic humanism, attributed the company’s continued South African and African growth to...
International heavy-equipment engine manufacturer Cummins’ regional distribution centre (RDC) in Woodmead, Gauteng, has halved the average logistics distribution time for clients in Southern Africa and allowed for critical or long-lead stock to be kept closer to...