Trade, Industry and Competition Minister, Ebrahim Trade, Industry and Competition
Edited by Bev Mortimer- Changes in the world have led to the rise of unilateralism and push-back on the global rule-based system.
This is according to Trade, Industry and Competition Minister, Ebrahim Trade, Industry and Competition, who was speaking on the first day of the BRICS Summit in Sandton Gauteng. Officially kick-starting the summit, Patel welcomed BRICS attendees to the Gauteng Province – “the economic powerhouse of the African continent, where 35% of South Africa’s wealth is generated,” Patel remarked. “This small but very productive province accounts for 5% of Africa’s GDP (Gross Domestic Product).”
“Today, the world is more polarised, climate change is more pressing and the speed of technological innovation is rapidly increasing. These trends are in turn reshaping our economies and societies in more profound ways than more of us can project,” he said.
The Minister noted that change across the globe has created turmoil and tension. He believes it cannot be business as usual for the private sector, governments and other role players. And he called on leaders to adapt to the “new normal” and often volatile, uncertain and complex world. “It’s in this context that the BRICS Business Council meets here today.”
Despite challenges the council is optimistic about the future the Minister said reflecting on institutions built by the bloc, such asthe New Development Bank, which drives investment and infrastructure, and supports economies and societies. “The power of science, technology and innovation must be harnessed to solve some of the world’s problems, from developing lifesaving vaccines to green technologies that can decarbonise the energy mix.
Other developments such as the African Continental Free Trade Area (AfCFTA), which has the potential to bring together a market of 1.3 billion people and provide a much-needed boost to African industrialisation, must be actively pursued,” Patel continued.
“We’re no longer just a raw material supplier. Africa is taking its place in the world as an innovator and industrialiser – the Africa of people, young people, rapidly urbanising, digitally connected and energetic Africa.“We’re pushing back against the toxic legacy of 55 States divided by borders from a continent of 1.3 billion people united in our resolve, connected in a unified manner.”
Brazil’s Finance Minister, Fernando Haddad, said his country always strives to facilitate investment in the interest of his country. : “In Brazil we believe in multilateralism and cultural and social diversity, and we equitably distribute opportunities.”
Haddad described BRICS’ contribution as ‘enormous’ and stated it was important for BRICS to be unified.
Next India’s Minister of Commerce and Industry, Piyush Goyal, commended businesses for organising centres for them to discuss the BRICS economies.
He said India, which grew its GDP grew by 7.2% last year, is one of the world’s fastest growing economies. “India is also transforming its infrastructure, and boasts more than 800-m internet users and an increase in online services. In addition, India is also growing its renewable energy sources Goyal said , reflecting on the important partnership between BRICS countries and the global south based on mutual respect.”
