Journalist Shadrach Hollow praises the BRICS Summit in India as a ‘wonderful experience’ with large business delegations. He highlights talks on a common payment system and the increasing use of local currencies for trade instead of the US dollar.
Shadrach Hollow, a journalist with TV BRICS Africa, said that covering the BRICS Summit in India has been a “wonderful experience”, while highlighting the large number of delegations and business representatives attending the summit.
Speaking to ANI, Hollow said South Africa brought around 130 business owners to India for the summit. “I think it’s been a wonderful experience. It’s large-scale. There are a lot more delegations. I know South Africa brought more than 130 business owners here. So, it’s been quite a great experience,” Hollow said.
Commenting on South African President Cyril Ramaphosa’s address at the summit, Hollow said the President acknowledged that the responsibility for development cannot rest solely with governments and stressed the role of businesses in strengthening ties. “I think he really brought forward his A-game and also acknowledged that the responsibility of development cannot rest solely with governments. Businesses need to take their part in ensuring that we get stronger together; we share together for our prosperity as people that have deeper relationships together with India,” he said.
Common Payment System and Local Currencies
On the discussion around a common payment system among BRICS countries, Hollow said the issue has been under discussion for some time and expressed hope that leaders would demonstrate progress on the matter. “The common payment system has been a conversation for some time, and I hope that the leaders this time can really show us the progression. Obviously, the ministers would have worked on this payment system for some time,” he said.
Hollow said BRICS countries have increasingly been using local currencies for trade with each other, which he said was better than relying on the US dollar. “I do know that the way that we’ve been procuring from each other now uses common currencies, local currencies, which is quite better than just using the dollar. We should not be using the dollar of someone who’s not in the boardroom while South Africa and India are really doing the deal,” he said.
“So I do appreciate that that bill of using local currencies is much, much better than the last decade,” he added.
‘BRICS at an inflection point’: Ramaphosa
Earlier on Friday, South African President Cyril Ramaphosa said BRICS as a grouping is at an “inflection point” amid shifts in the global economy, changing trade patterns, rapid technological advances and growing climate pressures, calling the developments an opportunity to shape a more resilient, diversified and inclusive economic future for the Global South.
Addressing the Leaders’ Session of the BRICS Business Forum here, Ramaphosa said countries and companies are being compelled to reconsider where they source, produce and invest as the global economic landscape undergoes significant changes. “As BRICS, we find ourselves at an inflection point. As the global economy is reshaped, as trade patterns shift, as technological advances accelerate, and as climate pressures increase, countries and companies are compelled to reconsider where they source, produce, and invest. For us, this is an opportunity to shape a more resilient, diversified and inclusive economic future for the Global South,” he said.
Deepening Productive Economic Relationships
Ramaphosa also stressed the need for BRICS countries to move beyond simply increasing trade among themselves and instead deepen productive economic relationships. “For too long, developing economies have participated in global value chains mainly as suppliers of raw commodities and consumers of goods that are made elsewhere. Value creation, technology and higher-value manufacturing remained concentrated elsewhere. We should not reproduce that pattern within the expanded BRICS. Our ambition must extend beyond increasing intra-BRICS trade to deepening the productive relationships between our economies,” he added.
Highlighting the role of the private sector in advancing economic cooperation, Ramaphosa recalled the establishment of the BRICS Business Council during South Africa’s first BRICS presidency in 2013. “The BRICS Business Council was established during South Africa’s first BRICS presidency in 2013, in recognition that economic cooperation cannot be the responsibility of governments alone. As South Africa, we are very proud that we have 120 companies from South Africa represented at this business forum. That is a great achievement,” he said.
BRICS Business Forum
The BRICS Business Forum is the flagship private sector platform of the grouping and brings together business leaders, Ministers and Heads of State to discuss trade, investment, finance, technology and development challenges shaping the BRICS economic agenda.
The Forum also serves as a platform where key ideas and suggestions from the BRICS Business Council are presented and discussed. Its conclusions and the Business Council’s recommendations are regularly reflected in BRICS Summit declarations and follow-up work plans, particularly on intra-BRICS trade, investment, digital economy, MSMEs, standards cooperation and value chain integration. (ANI)
(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)