SA to pursue intra-Brics trade
As President Jacob Zuma on Monday arrived in Fortaleza, Brazil, to attend the sixth Brazil, Russia, India, China and South Africa (Brics) Summit, South Africa aimed to forge further intrabloc cooperation initiatives.
Boosting intra-Bric trade remained a key focus for South Africa, with much progress having been made since becoming a member nation in 2010.
In 2013, South Africa's total trade with its Brics counterparts had reached R380.4-billion – a 27.5% jump on the prior year’s R298.2-billion, the Presidency said on Monday.
Trade with South Africa's largest bilateral trading partner, China, increased 32%, from R204.6-billion in 2012, to R270.1-billion in 2013.
South Africa’s trade with Brazil, which would take over the chairmanship of the economic bloc, increased 8.46% year-on-year to R21.8-billion in 2013.
Trade with Russia jumped 47.06% to R7.5-billion in 2013, while trade with India grew from R68.3-billion in 2012 to R80.8-billion in 2013.
Further, South Africa sought to gain “tacit support” from its Brics partners on a regional level to promote the “African Agenda” and to ensure synergy among Brics partners regarding their engagement with Africa.
“Another key advantage for Africa, in particular, is that the Brics–Africa cooperation will support Africa's efforts to diversify and modernise its economies through infrastructure development, knowledge exchange, increased access to technology, enhanced capacity-building and investment in human capital,” the Presidency said.
International Relations and Cooperation Minister Maite Nkoana-Mashabane, Finance Minister Nhlanhla Nene, Trade and Industry Minister Dr Rob Davies, State Security Minister David Mahlobo and Energy Minister Tina Joemat-Pettersson accompanied Zuma to the Brics Summit.
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