Aug 06, 2012
Experts to meet on Brics development bankBack
Rio De Janiero|Africa|Africa|Brazil|China|India|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)
Other Trade News
Updated 2 hours 37 minutes ago Goldman Sachs Group has sold its controversial metals warehousing business to Swiss private equity group Reuben Brothers, the Wall Street bank said on Monday. The deal for Metro International Trade Services comes months after Goldman formally put the business on the...
Updated 2 hours 45 minutes ago Greenhouse gas emissions by the world's top 500 companies rose 3.1% from 2010 to 2013, far off the cuts urged by the United Nations to limit global warming, a study showed on Monday. The top 500 firms by capitalisation accounted for 13.8% of world greenhouse gas...
Updated 7 hours ago The cost of copper theft decreased to R13-million in November from R13.2-million in October, according to the SA Chamber of Commerce and Industry's (Sacci) Copper Theft Barometer. "The November figure is 1.51% lower than a month ago and 36.8% higher than a year...
Recent Research Reports
Liquid Fuels 2014 - A review of South Africa's Liquid Fuels sector (PDF Report)
Creamer Media’s Liquid Fuels 2014 Report examines these issues, focusing on the business environment, oil and gas exploration, the country’s feedstock supplies, the development of South Africa’s biofuels industry, fuel pricing, competition in the sector, the...
Water 2014: A review of South Africa's water sector (PDF Report)
Creamer Media’s Water 2014 report considers the aforementioned issues, not only in the South African context, but also in the African and global context, and examines the issues of water and sanitation, water quality and the demand for water, among others.
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.
This Week's Magazine
South Africa remains an important manufacturing and export platform for Ford Motor Company, says executive chairperson Bill Ford. However, he adds that other countries on the continent are “becoming interesting”, and that the US carmaker is casting its net wider for...
Germany’s Max-Planck-Society (MPG) and the Max-Planck-Institute for Radio Astronomy (MPlfR) are investing €11-million (about R150-million) into South Africa’s MeerKAT radio telescope array programme. The money will be used to design, build and install S-band radio...
Infrastructure spend in sub-Saharan Africa will grow from $70-billion in 2013 to $180-billion by 2025, says PwC capital projects and infrastructure Africa leader Jonathan Cawood. This is one of the findings of PwC’s Capital Projects & Infrastructure report on East...
Private-owned defence and aerospace manufacturer Paramount Group and the Ichikowitz Family Foundation unveiled its Anti-Poaching Skills and K9 Training Academy in Magaliesburg last month.
The inclusion of Bluetooth to provide sub-three meter accuracy and heightened functionality for users is one of the ways to change existing wireless networks into engagement networks. An engagement network differs from common wireless networks in that it enables the...