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.

BRICS (204)

At last month's BRICS track II meeting in Chongqing in Southwest China, around 40 analysts from Brazil, Russia, India, China and South Africa discussed the future of the grouping. The Chinese hosts had chosen "Adjustment, Innovation and Cooperation" as the forum's subtitle - and this actually served as a useful guide throughout the 2-day conference.One of the key question of the debate was how to adjust to the difficult global economic scenario, considering that recovery in the United States is sluggish and largely absent in Europe. The BRICS are already consulting and partially coordinating their positions at the IMF and…
Wednesday, 26 September 2012 00:00

Brics development bank underway?

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The idea for a Brics development bank could hold great benefits for Africa by using South Africa as a gateway to the continent; but it must be aligned with the private sector agenda or it will become a burden on the state, said expert panellists at a debate hosted by research and strategy consultants Frontier Advisory.The debate took place on 25 September at the Johannesburg Stock Exchange in Sandton, north of the city centre, and was moderated by Brand South Africa’s research manager Petrus de Kock.South Africa joined the Brics bloc of developing economies (Brazil, Russia, India, China and South Africa) early last year. The aim behind the creation of a Brics bank is to have a development-focused finance institution to support and drive commerce between the Brics economies.According to the experts on the panel, the idea of a Brics development bank is politically driven and could remain just an…
Wednesday, 26 September 2012 00:00

Doubt over Brics bank’s economic feasibility

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THE idea of a Brics development bank is politically driven and could remain just that — an idea — unless some sound reasons for creating it are produced without delay, expert panellists at a seminar in Sandton said last night. The precise purpose of such a bank is the first tough question that needed to be answered, they said. "Politically it’s very attractive to have a B rics development bank. But, I haven’t yet found a good economic reason why we need such a bank," Lumkile Mondi, chief economist at South Africa’s Industrial Development Corporation, told the audience at the Johannesburg Stock Exchange. "On this debate, I’m a dissenter," he said.SA joined a loose existing group made up of Brazil, China, India and Russia to create Brics early last year. Jointly the countries have a population of 3-billion and account for about one quarter of the world’s gross domestic product. SA is…
Friday, 14 September 2012 08:58

South Africa must push to make Brics work for Africa

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SA’s PLANS for hosting the Brics summit in Durban in March next year are in full swing. This comes just more than a year ago after SA officially joined this exclusive club of rising powers — comprising Brazil, Russia, India and China. The key question is what tangible benefits the summit can bring.
Johannesburg: When the leaders of the five BRICS countries met this year in March at their Fourth Summit in Delhi, India, they declared that: “BRICS is a platform for dialogue and cooperation amongst countries that represent 43% of the world’s population, for the promotion of peace, security and development in a multi-polar, inter-dependent and increasingly complex, globalizing world. Coming, as we do, from Asia, Africa, Europe and Latin America, the transcontinental dimension of our interaction adds to its value and significance”.It is in this context that we should understand the global socio-political and economic framework of BRICS.  Since coming into being as a formal entity in June 2009, the BRICS have introduced new dynamics in global geopolitics.This morning I have been requested to focus on “South Africa’s Role in the BRICS, and its Benefits to Job Creation and the Infrastructure Drive in South Africa”.Let me firstly say that I have…
Debating the future of the BRICS with South African policy makers and academics radically differs from anything one can expect to hear during discussions in Brazil, Russia, India or China. The latter are ebullient and brimming with self-confidence, certain that an irreversible process of multipolarization has begun, giving birth to a system in which they will be indispensable pillars and agenda-setters. During recent meetings at the South African Department of the National Treasury in Pretoria and a workshop organized by the South African Institute of International Affairs (SAIIA), on the other hand, I was struck a far more restrained and at times even introspective tone that marked the conversation.Economically, South Africa is by far the smallest BRICS member. While it boasts Africa’s largest GDP, it does not figure among the world’s largest twenty economies and it is a G20 member largely to increase the group’s regional representation and global legitimacy.…
Dr. Mzukisi Qobo, senior lecturer on International Political Economy at the University of Pretoria, is interviewed by the GEG Africa project on the South African perspective of the BRICS grouping.=======Since South Africa’s accession to the BRICS group of emerging powers in 2011, there has been sustained interest in South Africa’s role in the shifting dynamics of global economic governance. Given that South Africa will be hosting the BRICS Summit in 2013, this attention will only increase throughout in the coming year.On 6th August 2012 the South African Institute of International Affairs and the Centre for Human Rights at the University…

Media

Ambassador Anil Sooklal, who coordinates South Africa's position in the BRICS Forum, is interviewed by the GEG Africa project on the South African perspective of the BRICS grouping.=======Since South Africa's accession to the BRICS group of emerging powers in 2011, there has been sustained interest in South Africa's role in the shifting dynamics of global economic governance. Given that South Africa will be hosting the BRICS Summit in 2013, this attention will only increase throughout in the coming year.On 6th August 2012 the South African Institute of International Affairs and the Centre for Human Rights at the University of Pretoria…

Media

Since South Africa’s accession to the BRICS group of emerging powers in 2011, there has been sustained interest in South Africa’s role in the shifting dynamics of global economic governance. Given that South Africa will be hosting the BRICS Summit in 2013, this attention will only increase throughout in the coming year.On 6th August 2012 the South African Institute of International Affairs and the Centre for Human Rights at the University of Pretoria convened a symposium of eminent researchers and policy-makers from Africa and the BRICS countries, to exchange views on the interests of the BRICS, especially as it relates…
UPDATE: See the presentations, report and video interviews from the seminar here.Following South Africa’s accession to the BRICS club in 2011, there has been sustained interest in what this actually means for South Africa’s participation in global economic governance, especially the G20, and its African agenda.At this seminar working papers will be presented focusing on: South Africa’s interests in the BRICS grouping in relation to its G20 strategy; the interests of the BRICs members in the G20 and in South Africa as an ‘alliance partner’ in that forum; and whether South Africa can utilize the BRICS ‘power potential’ to further…

Event Info

  • Date Monday, 06 August 2012
  • Location Irene Lodge, Centurion, Gauteng, South Africa
Monday, 23 July 2012 00:00

BRICS pushes the IMF to reform

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The recent G-20 Summit in Los Cabos, Mexico, featured a pivotal change in the geopolitics of international finance. Emerging economies contributed billions to an emergency IMF (International Monetary Fund) fund designed to provide additional support to the Eurozone nations in case the debt crisis worsens. The BRICS nations agreed to contribute a sum exceeding 70 billion dollars with China making the highest pledge of $43 billion dollars. In a move that was as much political as it was necessary, the BRICS nations called upon the IMF to pass quota reforms agreed upon in 2010 to increase representation and voting shares…
Media reports in the run up to the BRICS summit (in New Delhi, 29 March 2012) as well as immediately after touched on a variety of issues pertinent to the BRICS grouping currently. A review of some of the leading publications showed the main stories were around the issue of South Africa's membership, currency issues, the World Bank presidency, the proposed BRICS development bank as well as the issue of Iran and its nuclear weapons programme. The following is a brief synopsis of the media reports.
News headlines were last week screaming about the US$2 billion pledge that South Africa made to the IMF. Ranging from descriptions of the pledge as a gift or donation to statements that South Africa was bailing out the EU, most of the headlines and the stories fell short on the facts and didn't show much understanding of the economics behind the pledge.Worse still, the fact of the 'pledge' was largely ignored and, from the public debate, one got the definite impression of a South Africa punching above its weight to donate money to save an embattled Europe at the expense…
CIGI Senior Fellow Colin Bradford explores the increase in IMF funding by emerging market economies, announced during the G20 Los Cabos Summit 2012, and if this funding is a good thing for other nations.This video was produced by the Centre for International Governance Innovation (CIGI). CIGI partners with GEG Africa partner the South African Institute of International Affairs on an African knowledge portal, the Africa Portal. For more information and other expert commentary on the G20, visit: http://www.cigionline.org/g20

Media

Just before the G20 leaders began their summit in Los Cabos on June 18, 2012, those of the BRICS of Brazil, Russia, India, China and South Africa met among themselves to give the broader G20 and the entire global community a big boost. It was only the second time they had done so at a G20 summit, and the first at which they issue a statement (see Appendix).They showed solidarity with a crisis-afflicted Europe, promising to help "find co-operative solutions to resolve this crisis." To back their bold words with real money they “agreed to enhance their own contributions” to the International Monetary Fund (IMF), thus building a global firewall as a second line of defence should the rich Europeans prove unwilling or unable to take care of their own European Union family members. They further bolstered global financial stability by agreeing to ask their finance ministers and central bank…
Wednesday, 13 June 2012 00:00

South Africa and the 'Currency Wars'

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South Africa's currency debate focuses on whether to emulate China and other predominantly East Asian countries by pegging the Rand. Import competing manufacturing companies and associated trade unions plus industrial policy advocates in government advocate pegging the currency at 'competitive' levels. Many macroeconomists in the banking sector, Treasury, and South African Reserve Bank are wary of inflationary consequences.
Indian President Pratibha Patil was in South Africa this month, accompanied by a business delegation that is looking to explore the potential for opportunities. President Jacob Zuma stressed the importance of enhancing relations with India in both infrastructure and trade.Such state visits, when used effectively, can work to increase trade through increasing the understanding of the market, assisting in the identification of new business opportunities, and proving a platform for networking. The two countries have set an ambitious target of $15 billion (R121bn) in bilateral trade a year by 2014, and they are in the process of negotiating a preferential trade agreement (PTA). Investment in infrastructure development and such increased levels of trade, as called for by Zuma, can be facilitated through the PTA if it is designed effectively.With its large consumer market and growing economy, a trade agreement with India should provide an extra impetus to the rapidly increasing…
Tuesday, 27 March 2012 00:00

Banking on BRICS to deliver

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Even as New Delhi hosts the BRICS Summit later this week, experts and media across the world continue to debate the relevance, capacity and cohesiveness of the grouping. The common refrain in the western press is that it is a ‘motley crew’ with little in common and therefore with little capability to create institutions and multilateral platforms of substance. Well, they may be in for a surprise. In fact, BRICS may also surprise itself. Besides the usual declarations on cooperation on political matters, social challenges, climate and energy, food and water, health and education, industry and trade, BRICS is likely…
On March 29th BRICS Heads of State will gather in Delhi. Forging a common trade and investment platform is a challenging proposition. It is easier for the leaders to focus on what unites them in international economic negotiations, rather than what divides them in bilateral relations. However, some attention will have to be paid to those differences if their cooperation on the international stage is to be fruitful.
Monday, 12 March 2012 00:00

BRICS For A New World

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The 4th BRICS Academic Forum recently concluded in New Delhi. Over 60 delegates representing academic institutions, think tanks and expert community from the member countries participated in substantial debates that covered virtually every challenge and opportunity of contemporary times. The debates were intense, sometimes combative but almost always conducted among friends. This was the key takeaway from this meeting. The community is strong, it is aware of the differences, eager to resolve those and is comfortable with the irresolvables. The skeptics of BRICS for four years, would now need to rethink, this group has evolved, this group sees potential in greater…
“BRICS (Brazil, Russia, India, China and South Africa) group of countries has a special significance in the emerging global economic order and they are set of reshape the economic, trade and political future of the world,” said Wang Xinkui, President of the Shanghai WTO Consultation Center. He was speaking on the occasion of the launch of BRICS Trade & Economics Research Network (BRICS-TERN) in Shanghai on Saturday, the 19th of November 2011. Gong Baihua, Associate President of SCCWTO welcomed the participants to this meeting.
Russian Ministry of Foreign Affairs - Coordinator for BRICS AffairsIt would not be an exaggeration to say that the establishment of the BRICS — with Brazil, Russia, India, China and, later, South Africa — initiated in 2006 by Russia has become one of the most significant geopolitical events of the new century. This institution has become a powerful factor in world politics in a short time.Informal global institutions such as the G7 and the G77 existed before the BRICS. However, the BRICS differs from them in a variety of ways that allow it to be defined as a global forum…
A report from BBC World on President Zuma's attendance at the BRICS summit in Southern China as South Africa joins the elite group of four countries: Brazil, Russia, India and China. The feature includes an interview with Ivor Ichikowitz -- executive chairman of the South African defence and peace-keeping company, Paramount Group -- who discusses the trade and partnership opportunities facing South Africa and the BRICS community.

Media

Click here to download the briefing from the Centre for International Governance Innovation (CIGI). Author: Andrew F. CooperCIGI Policy Brief #1  In the inaugural policy brief in international governance, CIGI Associate Director Andrew F. Cooper provides reasons for expanding the G8 membership to include the B(R)ICSAM group of emerging economies. In it, he argues that this cluster of countries (Brazil, India, China, South Africa, ASEAN, and Mexico) coincides well with the so-called G5 "outreach" or "dialogue" countries that have been gradually, albeit unevenly, incorporated into the G8 summit process, and that the value of using the B(R)ICSAM term allows for…
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