JOHANNESBURG - BRICS member states should guard against disruptions to their growth potential emanating from geopolitical tensions and rising barriers to global trade, the South Africa chairman of its business council said on Wednesday.
Media businessman Iqbal Survé said while opportunities existed for BRICS member states for development after several years of slow global growth,"beneath this welcome news however lies some deep uncertainties about the future of the global economy."
He told a business forum marking the start of the BRICS 10th annual summit in Johannesburg that while the scale and speed of economic globalisation, aided by the expansion of innovative technologies had intensified in recent years, specific actions by several advanced economies had brought along negative effects.
This, he said, was evidenced by tariff barriers from US President Donald Trump's administration, as well as the protracted and seemingly complex withdrawing of Britain from the European Union, among other signals.
"Much of the anxiety has coincided with the global ecoomic recovery bolstered by rising industrial activity on the back of the dissipating impact of the 2014 oil price collapse on commodity exporting emerging markets and developing economies," he said.
"Taken together, these findings reflect several development challenges BRICS member countries face over the next few years."
"As a group we must thus act wisely so as not to let changing economic dynamics disrupt our enormous potential for growth," Survé added.
He said the BRICS Business Council, whose mandate includes making recommendations to respective governments in order to facilitate investment and trade within the group, would be releasing its annual report during the July 25-27 summit.