President Cyril Ramaphosa has urged Brics to finalise an economic strategy aimed at strengthening trade and investment among the bloc’s countries as a way to counteract rising protectionism and global economic uncertainty.
During an emergency meeting of Brics leaders on Monday hosted by Brazil’s President Luiz Inácio Lula da Silva, Ramaphosa said the Brics Economic Partnership Strategy 2030 would help member states withstand external shocks and offer a clearer path for growth.
“The uncertainty of the new trading regime has already negatively affected employment levels in my own country and is an obstacle to our economic growth,” he said. “Let us conclude the Brics Economic Partnership Strategy 2030 and focus on its implementation.”
The meeting of Brics leaders follows the Trump administration’s imposition of “reciprocal” tariffs on Brics countries, including 50% on India and Brazil, and 30% on SA. Trump had threatened tariffs on China as high as 245%, with China threatening retaliatory tariffs of 125%. In August Washington and Beijing extended a 90-day truce on tariffs during trade negotiations.
The bloc represents some of the largest economies and accounts for 24% of total global exchanges.
In 2024, the bloc expanded beyond its original member countries of Brazil, Russia, India, China and SA to include Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia and the United Arab Emirates.
“For SA, a Brics Economic Partnership Strategy that contains a meaningful way forward on addressing the imbalanced structure of Brics trade would send a clear message to the world that all Brics members are committed to mutually beneficial trade that addresses the needs and interests of all its members,” Ramaphosa said.
“This global trading crisis provides a great opportunity for us to do things differently. A commitment on the part of all of us to sustainably address our various non-tariff barriers would position Brics as a stable and predictable mutually beneficial trading partner amid the current global disruptions.”
The partnership strategy was adopted under Russia’s presidency in 2020 and refined during Brazil’s presidency this year. Over the next five years under the partnership, Brics countries agreed to co-operate in various areas, including the multilateral trading system, digital economy, international trade and investment, financial co–operation, and sustainable trade and development.
Ramaphosa said the bloc needed to move “from crisis management to strategic action”, using its combined weight to secure fairer trade rules, modernise development banks and increase finance for climate adaptation.
“New shocks to global trade patterns, international financing and critical minerals flows, along with the intensification of problems created by sovereign debt overhang and imbalanced tax regimes, are creating uncertainties for policymakers, consumers and companies,” Ramaphosa said. “In recent months, we have been in firefighting mode as we deal with disruption and chaos.”
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