DURBAN - The upcoming virtual 12th BRICS Summit on Tuesday (17 Nov), with the theme “BRICS Partnership for Global Stability, Shared Security and Innovative Growth is expected to adopt the updated Strategy for BRICS Economic Partnership 2025.
President Cyril Ramaphosa will lead the South African delegation during his participation in the virtual summit.
BRICS is an association of five major emerging countries, Brazil, Russia, India, China and South Africa, which together represent about 42 percent of the global population, 23 percent of gross domestic product, 30 percent of the world's territory and 18 percent of global trade.
The summit will be chaired by Russian President Vladimir Putin as chair of BRICS for 2020
Alexander Arefiev, the press attaché to the Russian Embassy in South Africa, said, “During his speech at the BRICS Summit in Brazilia on November,14, 2019 President of Russia Vladimir Putin outlined the improvement of living standards and the quality of life in BRICS countries as the organisation's primal objective in 2020."
The priorities of the Russian BRICS Chairmanship in 2020 would be divided into three groups, or tracks, of Policy and Security, Trade, Economy and Finances and Humanitarian and Cultural Area.
Arefiev said the summit would develop co-operation in trade, economy and finance to renew the Strategy for BRICS Economic Partnership, facilitate trade and investments between the BRICS countries, promote the potential of the New Development Bank (NDP), enhance the BRICS Contingent Reserve Arrangement mechanisms to develop and integrate BRICS national payment systems as well as to launch practical activities of BRIСS Women’s Business Alliance to promote the economic development of the remote areas within BRICS member states.
The Summit would also seek to strengthen to co-operation among the BRICS tax, customs and anti-monopoly line agencies and promote co-operation in energy, to strengthen ties in healthcare.
BUSINESS REPORT ONLINE