#BRICS2024: Ramaphosa pushes for fair growth in the Global South

Source: Photohost agency brics-russia2024.ru. President of South Africa Cyril Ramaphosa after his meeting with President of Russia Vladimir Putin as part of the 16th BRICS Summit.

This year's 16th summit themed "Emerging Technologies and Sustainable Development", is especially significant as it is the first gathering after Brics' expansion to include countries like Saudi Arabia, Egypt, and others, and includes discussions on technological advancements, climate change, and addressing regional geopolitical issues.

In his keynote address, Ramaphosa called for stronger economic partnerships within Brics to drive sustainable development, focusing on mutual benefit, shared prosperity, and the reduction of external dependencies on supply chains and financial flows.

He highlighted the urgency of leveraging local currencies in international trade and unlocking opportunities for women-led businesses and small enterprises across member countries.

Boosting economic co-operation

"To achieve the objectives of the Brics Strategy for Economic Partnership 2025, we must further explore pathways to unlock opportunities and address challenges confronted by micro, small and medium-sized enterprises in Brics countries," the President said.

"We must intensify co-operation among Brics members by launching common development programmes in the fields of exports, industrial co-operation and technology exchange."

In line with this objective, Ramaphosa reiterated the call for the recalibration of trade rules to enable industrialisation.

He spotlighted the necessity of utilising local currencies in trade among Brics members and the role of the New Development Bank in advancing the economic aspirations of emerging markets.

Climate justice focus

Ramaphosa also called for the need to delineate the impact of climate change, stressing that developed countries should uphold their climate commitments without stifling the developmental goals of the Global South.

"As South Africa, we remain committed to a just transition to a low carbon economy. We are committed to the reduction of global emissions, guided by the principle of common but differentiated responsibilities and respective capabilities," Ramaphosa said.

"While countries with developing economies remain severely impacted by climate change, they have contributed the least to the current climate crisis. It is therefore vital that industrialised nations honour their climate commitments and ensure a just and equitable transition."

Ramaphosa underscored how essential it is that climate actions do not deepen global inequality or stifle the developmental aspirations of the Global South.

"We need to improve the processing of mineral resources found in Brics countries, particularly those extracted locally. This is essential for economic development and for helping us achieve our goals of reducing carbon emissions," he concluded.