Trade and Industry Minister Rob Davies says the Brics member nations have the potential to challenge established and dominate economies from across the world.
More than 1 000 delegates from Brazil, Russia, India, China and South Africa (BRICS) gathered in Johannesburg last week as part of the 10th Brics Summit.
He explains that Brics matters as an important grouping of emerging economies with great investment potential.
According to Davies, Brics nations have not yet realised their full power.
Meanwhile, South Africa has signed a cluster of trade agreements with China worth billions of rands.
The agreements are linked to various sectors, including the simplification of visas, deals at Eskom and Transnet, and with private sector companies such as Standard Bank and Naspers.
China is South Africa’s biggest trade partner globally, Davies explains.
He discusses what the deals with China and infrastructure projects entail, while exploring the negative effects of the global trade war.
He also details the role of his department in growing the economy.
The strategic importance of Brics lies in the fact that it is about 40% of the world's population and about 23% of the world's GDP.— Rob Davies, Minister of Trade and Industry
I don't think we [Brics] are there yet. Much of the potential is still to be realised.— Rob Davies, Minister of Trade and Industry
We are on a drive to increase investment. China is our number one trading partner.— Rob Davies, Minister of Trade and Industry
Industrialisation is our main focus as a department.— Rob Davies, Minister of Trade and Industry
Industrial policy works. It has had postive effects in the motor sector, in clothing and textiles, agro-processing and pharmaceuticals and chemicals.— Rob Davies, Minister of Trade and Industry
We need multilateralism for developing countries to have a voice in the global trading system.— Rob Davies, Minister of Trade and Industry
Take a listen to the in-depth conversation with Minister Davies:
This article first appeared on CapeTalk : How the Brics coalition benefits SA