Article
Agbiz participates in BRICS Business Forum
Published: 27/07/2018
Against the backdrop of a full-blown trade war between the US and China, and the US also targeting, amongst others the European Union and fellow North American Free Trade Agreement (NAFTA) countries (Canada and Mexico), thus foe and friend alike, the BRICS Business Forum was held at the Sandton Convention Centre on Wednesday, 25July 2018. Dr John Purchase, as board member of Business Unity South Africa (BUSA), attended the forum and shares some perspectives.
Against the backdrop of a full-blown trade war between the US and China, and the US also targeting, amongst others the European Union and fellow North American Free Trade Agreement (NAFTA) countries (Canada and Mexico), thus foe and friend alike, the BRICS Business Forum was held at the Sandton Convention Centre on Wednesday, 25July 2018. Dr John Purchase, as board member of Business Unity South Africa (BUSA), attended the forum and shares some perspectives.
Minister of Trade and Industry Rob Davies, provided the welcome address and highlighted the changed economic and especially trade environment developing across the globe, where protectionism within the US especially, but also within many of the developed countries in the G20 group of countries, was of major concern to developing countries. This has also manifested itself in the current dysfunctionality of the World Trade Organization (WTO) and would impact on the ability of developing countries to industrialise and address the key issues of poverty and inequality between and within countries. He called for greater complementarity trade and investment-led trade between BRICS countries to counter the US attack on multilateralism in general, and on the rules-based trade architecture and dispute resolution mechanism of the WTO in particular.
The forum kicked off with the following panel sessions:
- The role of BRICS in trade and investment facilitation amidst a changing political economy
- Promoting and facilitating intra-BRICS investments
- The Fourth Industrial Revolution: a catalyst or impediment to growth, inclusive development and transformation?
- Advancing BRIC-Africa partnership in pursuit of industrialisation, infrastructure development and integration.
Various ministers of trade and commerce of the BRICS countries, as well as business leaders participated in these panel discussions, indicating both the opportunities, but also the challenges, in the countries comprising 40% of the world’s population and representing 25% of global GDP.
The two specific highlights of the forum were the addresses by President Cyril Ramaphosa and Chinese President Xi Jinping respectively.
View the remarks by President Cyril Ramaphosa.
View the remarks by Chinese President Xi Jinping.
It was a great opportunity for Agbiz to gauge the sentiment and environment, and there was a clear sense from the two presidents that a new world order was emerging, necessitating greater cooperation and a new way of doing business to the benefit of all mankind. Former US President Barack Obama alluded to the same point at the recent Nelson Mandela Annual Lecture. There was considerable recognition for the mainstay role that business plays in the development of countries. While a trade war crisis will have negative effects on all countries across the globe, it also creates opportunities to open and explore new markets, develop new industries, and embrace the Fourth Industrial Revolution and the benefits it can bring.