The Global Economic Governance (GEG) Africa programme is a policy research and stakeholder engagement programme to strengthen the influence of pro-poor African coalitions at global economic governance fora.
As South Africa’s Finance Minister Malusi Gigaba prepares for his inaugural Medium-Term Budget Policy Statement on 25 October, one issue will weigh heavily on his mind: how to increase government expenditure to further stimulate growth at a time when the government’s fiscal environment remains heavily constrained.
Ratings agencies will again this week consider South Africa’s sovereign credit rating. Ratings agencies have indicated that South Africa’s economic growth needs to be at least 1%, up from the current rate of between 0.5 – 0.9%, in order to off a downgrade to ‘junk’ status. Last month, Minister Pravin Gordhan made some bold claims about infrastructure spending in his mid-term budget speech.
Hot on the heels of the recent G20 Summit in China, the 8th BRICS Summit will be held on 15-16 October 2016 in Goa, India. When South Africa hosted the Summit in 2013, it emphasised that BRICS needed to be relevant to Africa’s development priorities. The ambitious intentions stated in the BRICS Summit Declarations and Action Plans need to translate into actions that deliver tangible outcomes. Therefore, what can the African continent expect to derive from this year’s BRICS Summit?
Heads of state of the BRICS countries will gather in Ufa, Russia, this week for the grouping’s seventh summit, which comes at a particularly challenging time for Russian diplomacy. Precipitated by the conflict in Ukraine, Russia is barred from Group of Seven/Group of Eight processes and increasingly estranged from the West.
Leaders from the BRICS countries - Brazil, China, India, Russia, and South Africa - will meet on 8-9 July 2015 in the Russian city of Ufa. Many key developments are expected to arise from the Summit, which takes place as Russia’s relationship with the United States and its European allies worsens, while its ties to BRICS appear to have become closer.
Some five weeks ago I attended the BRICS (Brazil-Russia-India-China-South Africa) Academic Forum in Moscow as part of the South African delegation. The discussions held there provide interesting insights into the future direction of the BRICS group.
After a late flurry of additions to the founding membership of the Asian Infrastructure Investment Bank (AIIB), attention now turns to setting the China-led AIIB’s rules and regulations. But important questions remain – most important, whether the AIIB is a potential rival or a welcome complement to existing multilateral financial institutions like the World Bank.
South Africa’s role in global economic governance is mainly articulated through its membership of the G-20 and the BRICS grouping. The G-20 has emerged as the premier forum on global economic governance, while the BRICS countries have positioned themselves as a force for positive change in global economic affairs.
The BRICS certainly want to engage with Africa yet the consensus is that it is up to the continent to determine how it wants to use its platform to navigate the international system – and many questions remain unanswered. Rebecca Ramsamy, ECDPM's Young International Professional and former intern with SAIIA, reports on discussions at a recent Friedrich-Ebert-Stiftung conference.
Over the past few years there have been discussions amongst the BRICS (Brazil, Russia, India, China, South Africa) countries to open up their own rating agency that will compete with the 'big three' credit rating agencies - that is, Standard and Poor’s (S&P), Moody’s and the Fitch Group. S&P and Moody’s are based in the US.
Without question South Africa remains a vibrant, complicated and seemingly a growing troubled land. My colleagues from the South African Institute of International Affairs (SAIIA) one of the premiere think tanks in South Africa and the University of Pretoria, particularly the Department of Political Science there brought together some of their South African colleagues with experts from a number of countries for a conference (December 4th-5th) titled “Alliances Beyond BRICS: South Africa’s Role in Global Economic Governance”.
The Department of Political Sciences and the South African Institute of International Affairs (SAIIA) are holding a conference on 'Alliances Beyond BRICS: South Africa’s role in global economic governance.'
In July 2014, the BRICS grouping (Brazil, Russia, India, China and South Africa), announced the creation of a new, US$100 billion New Development Bank to lend money to developing nations for investments. There is much speculation about the role the Bank might play, and the motivations of the BRICS members in establishing it.
On 24 November 2014, the Graduate School of Business at the University of Cape Town and the South African Institute of International Affairs, hosted a conference on 'Development Banks of the Developing World: Regional Roles, Governance and Sustainability.'
The 2014 annual summit of the group of 20 (G-20) developed and emerging economies comes up from 15 to 16 November in the Australian city of Brisbane. As usual, the leaders of the G-20 countries will be deliberating on issues that will have ramifications for not only their respective economies but also the rest of the world, including those who will not be represented at the deliberations.
When Russia hosted the first BRIC Leaders’ Summit in June 2009, which was attended by Brazil’s President Lula, Russia’s President Dimitry Medvedev, India’s Prime Minister Manmohan Singh and China’s President Hu Jintao, Russia's leader hailed Yekatarinburg the as 'the epicenter of world politics.' The need for major developing world nations to meet in new formats was 'obvious,' he said.
Four months after the BRICS (Brazil-Russia-India-China-South Africa) launched their New Development Bank and Contingent Reserve Arrangement (CAR) at a Summit held in Fortaleza, Brazil, the World Bank and IMF convened for their Annual Meetings. For all the fanfare that met the announcement of the BRICS’ new financial infrastructure, not a lot has changed.
SAIIA’s GEGAfrica portal and the Department of International Relations at the University of the Witwatersrand (#WitsIR) are partnering on an innovative initiative that draws on the strengths of Southern Africa’s oldest and largest academic programme in International Relations and the continent’s leading think tank*.
The recently held Sixth Summit of the BRICS grouping of countries has rightly emphasised the role of intra-BRICS trade for furthering their economic cooperation.Keeping in mind the Fortaleza Declaration, CUTS International has published a Discussion Paper titled 'Intra-BRICS Trade & Its Implications for India'. This Discussion Paper, using a series of analytical tools, illustrates the trends in trade and competitiveness between the BRICS countries as well as its implications for India.
The seaside resort of Fortaleza in the northern part of Brazil was the destination for the sixth summit for the Brazil, Russia, India, China and South Africa (BRICS) group of nations. Flying into the city, one would not be immediately aware it was playing host to this increasingly significant geo-strategic platform of the Global South. Daily life moved along routinely.
Three documents have been produced by the the BRICS Summit, which took place 14-16 July, in Fortaleza, Brazil. Click on the documents below to view the full text of each:Sixth BRICS Summit: Fortaleza Declaration (includes the Fortaleza Action Plan), July 15, 2014Treaty for the Establishment of a BRICS Contingent Reserve Arrangement, July 15, 2014Agreement on the New Development Bank, July 15, 2014