There could be a new horizon for South Africa as the largest economy in southern Africa. As both a member of BRICS (Brazil, Russia, India, China and South Africa) and the African Union there is going to be a golden age ahead if the country under President Cyril Ramaphosa can utilize the capacity of the opportunities presented to it. BRICS emerged from the Russia-India- China strategic partnership of the then acronym RIC.1 The group was promoted by Russia’s Government to challenge the perceived monopoly or hegemony of the United States of America, thus renewing old ties with India, and fostering the newly discovered friendship with China.2 BRICS is the acronym denoting the emerging national economies of Brazil, Russia, India, China and South Africa.3 The term was originally coined in 2001 as BRIC by Goldman Sachs economist Jim O Neil in his report, Building Better Global Economic BRICS.4 (Global Economic paper No:66), then South Africa joined in 2010, leading to the transformation from BRIC to BRICS.5
BRICS member countries share the desire of the world to accord them a larger role through their common platform for global reform.6 Although the framework of BRICS is more or less informal, that is without a secretariat as in the case of most multilateral organizations, the organization seems to be assuming greater significance due to its philosophy and principles of equality.7 The major role of BRICS are derived largely from statements issued at Summits.8 Over the years, BRICS has focused on highlighting the need for emerging powers to have a greater voice in global governance.9 In the wake of the global financial crisis, the joint statement by BRICS leaders in 2009 contained strong declarations on the importance of coordinating financial policy, through the G20 and the need to reform International financial institutions to create greater voice and representation for emerging economies, including a more transparent process for leadership selection.10
BRICS despite being a loos association of major economies has become a mechanism to bring the divided southern hemisphere together. These are the fortunes of the global south. China has its belt and road trade initiative, while South Africa is concerned with the Africa Continental Free trade Area (AfCFTA) of which Ethiopia is also a member of. Addis Ababa has even gone so far as to join BRICS. BRICS functions more like a bridge connecting across the globe. India, Brazil and Russia for their part want to expand their influence in their respective regions. Right now, with Ethiopia, Egypt, Saudi Arabia, Iran and the United Arab Emirates joining the ranks of BRICS + there could be a dramatic shift for financial markets. The BRICS members are planning to trade in their local currencies, digital currencies and gold. This could be good business for South Africa’s mining sector as well as break the hegemony of the US dollar.
BRICS is now made up of multiple major developing economies as members. Brics serves as the foundation and forum for major reform of world’s global institutions such as the United Nations Security Council, the World Bank and the International Monitory Fund. Brics is focused on turning around the progress of the developing world through facts. Facts that cater to the needs of specific regions and their concerns. The concern however is how much members that have authoritarian regimes such as China and Saudi Arabia are willing to change. China for its part remains a one-party state where half the population struggles to make ends meet and have few basic freedoms. Saudi Arabia has similar problems although they are wealthier. The UAE is similar too. Brics however remains an ambitious institution that will enhance economic, scientific, health and communicative development across the developing world. It is a strong pillar for dynamic change.
The ties of Ethiopia and South Africa to the AU and BRICS will build connections and economic relations across the world and accelerate AfCFTA.11 According to Xinhua News Agency Addis Ababa Bureau Chief Liu Fangqiang, this development is a catalyst for addressing global challenges faced by developing countries and offers insights on achieving the AU’s agenda 2063.12 The bureau chief stated that Ethiopia’s membership will definitely strengthen the relationship between Addis Ababa and other members, including China, as witnessed by what the Brazilian President Lula da Silva said at the opening session of this year’s AU Summit.13 The president said that Brazil will engage more with Africa, urging the two sides to contribute more for a fairer world.14 Liu sees the BRICS alliance as a great example of global south cooperation and key to networking emerging economies and tackling pressing issues together.15
China and Brazil’s leaderships clearly want a strong dynamic and close relationship with the nations of Africa. The question Africans should always ask when major powers want these things from them is why? How is it going to benefit them? China has long had a strong relationship with the continent, importing raw materials for its ever-expanding economy while supporting some of its most brutal regimes. Brazil is just coming into its own and has cordial relations with African nations. Even Russia and India has, had its impact in Africa going back to the liberation movements of the cold war era which became the political regimes that followed. Agenda 2063 is about the greater political and economic integration of Africa and AfCFTA free trade agreement forms, part and parcel of this. Greater integration of Africa and the global south region is a necessity but it should not be at the expense of freedoms of the peoples living in these nations.
Sources
BRICS and the Global South Cooperation
By Abdullahi Y. Shehu, and Maurice Okoli Introduction Since the collapse of the Soviet Union in 1992, the tectonic plates of geopolitics have been shifting and with current geopolitical tensions, … 12 3 4 5 6 7 8 9 10
BRICS summit in South Africa has to decide on the access of new members
The idea of expanding BRICS dates back to 2011 when South Africa was integrated, and since then hosts of the summits invite surrounding countries to create an interest and promote the group. 11 12 13 14 15
