Long before globalisation became a modern buzzword, more than 200 years ago, British economists Adam Smith and David Ricardo acknowledged the potential of free trade to transform poor countries into wealthy states.
Trade is beneficial between nations when it is balanced. This is why at the Brics summit taking place in Johannesburg next week, the SA chapter of the Brics Business Council will engage its counterparts to find solutions to the long-standing trade deficit that exists between SA and Bric countries. China’s trade & industry minister and business leaders from China and SA met this month to discuss balancing trade between the two countries.
At the same time, there is a need for Brics countries to collaborate to remove bottlenecks that stifle the free flow of imports and exports across the bloc. As an investment destination SA is a preferred location for multinationals looking to access markets in Africa. The country is blessed with an abundance of natural resources, ranging from platinum, iron ore, manganese and coal to vanadium, coal, gold, diamonds and other minerals.
There is an opportunity for our Bric partners to leverage the relationship they have with SA to access this single continental market, which has liberalised trade on 88.3% of 5,000 products that are traded in Africa.
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BUSI MABUZA: SA business sector will engage Brics counterparts to address uneven tradeBrics Business Council will seek solutions to long-standing trade deficits and encourage a shift of industrial production to SA
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