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S. African president to attend BRICS Summit

Xinhua, October 14, 2016 Adjust font size:

President Jacob Zuma will travel to Goa, India to attend the 8th BRICS Summit, his office announced on Thursday.

South Africa is eager to once again meet with the like-minded BRICS partners to discuss issues of mutual concern aimed at achieving economic growth and prosperity, Zuma said in a statement before his departure.

The Summit's theme is "Building Responsive, Inclusive and Collective Solutions".

The BRICS countries will consult on intra-BRICS cooperation and on global issues such as international conflicts, the fight against terrorism, and reform of global system of governance, notably the democratisation of the United Nations and the Bretton Woods Institutions.

Leaders will also meet with the BRICS Business Council, which focuses on the areas of infrastructure, manufacturing, financial services, energy and the green economy, skills development, agribusiness and deregulation.

In addition to the issuing of the Goa Declaration and Action Plan, various Memoranda of Understanding will also be announced and signed, aimed at expanding the BRICS institution-building agenda and sectoral cooperation initiatives.

BRICS Leaders will also engage once again in an Outreach Summit, together with the Leaders of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation. The group comprises Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka and Thailand.

Ahead of the BRICS Summit, SA Minister of Trade and Industry, Rob Davies is leading a South African delegation in New Delhi attending the BRICS Trade Fair and also the Meeting of BRICS Trade Ministers and the BRICS Business Forum.

The economic ties between and among BRICS countries are being strengthened through the Strategy for BRICS Economic Partnership that was adopted the previous Summit. In 2015, total intra-BRICS trade amounted to 3.1 trillion rand (about 218 billion US dollars).

South Africa's exports to BRICS countries increased from 123 billion in 2011 to 147 billion rand in 2015. In the same period, SA imports from BRICS countries also increased from 115 billion rand to 270 billion rand. Total Intra-BRICS foreign direct investment was 554 trillion rand at the end of February 2016. Endit