JOHANNESBURG - Member states of the BRICS group which includes Brazil, Russia, India, China and South Africa should strengthen their ties to mitigate the impact of turmoil in the global trading system, South Africa's trade and industry minister Rob Davies said on Wednesday.
A global trading war is bubbling under between the United States and countries such as China, Canada, Mexico and the European Union over tariffs which could have dire implications for the global economy.
SA Gov News via Twitter @SAgovnews
"We are living at a time of enormous turbulence in the global trading system and indeed a moment of crisis for the global multilateral trading system," Davies told the Brics Summit 2018 in Johannesburg marking the start of the group's 10th summit.
Minister talks about the importance of Investment led trade #BRICS #BRICSZA pic.twitter.com/mFVTl4PEv7
— SA Gov News (@SAgovnews) July 25, 2018
"I think what is clear to all of us is that this is a moment when we need to strengthen and deepen the partnership between our countries."
He noted that BRICS had recently been a "disproportional source of global economic growth" and that the International Monetary Fund was predicting that the five-member union would over the next five years be responsible for more global economic growth than the G7 group of developed states.
"This is a significant grouping of countries in the world," Davies told the forum.
Minister Davies SA has been affected by the multilateral trading system as seen steel tariffs that were SA was subjected to #BRICS #BRICSBF pic.twitter.com/sEsfCxi7Hb
— SA Gov News (@SAgovnews) July 25, 2018
- African News Agency (ANA)