{"id":34749,"date":"2023-09-18T13:15:41","date_gmt":"2023-09-18T13:15:41","guid":{"rendered":"https:\/\/www.africa-press.net\/mauritius\/all-news\/the-significance-of-brics-for-the-african-continent"},"modified":"2023-09-18T13:41:13","modified_gmt":"2023-09-18T13:41:13","slug":"the-significance-of-brics-for-the-african-continent","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mauritius\/all-news\/the-significance-of-brics-for-the-african-continent","title":{"rendered":"The significance of BRICS for the African continent"},"content":{"rendered":"

Africa-Press – Mauritius. <\/strong><\/span>In the pioneering work titled \u201cBuilding Better Global Economic BRICs\u201d (Global Economics Paper No: 66), Lord Jim O\u2019Neill, then Chief Economist at Goldman Sachs, introduced the term BRICs, referring to the emerging economies of Brazil, Russia, India, and China.<\/p>\n

These nations\u2019 economies were experiencing rapid growth, fuelling discussions about their potential to collectively shape the global economy by 2050. In the spirit of this vision, the leaders of Brazil, Russia, India, and China convened for the first time in July 2006, on the sidelines of the G8 Outreach Summit in St Petersburg, Russia.<\/p>\n

This marked a pivotal moment in cementing the idea of forming a consortium of burgeoning economies. Subsequently, the Foreign Ministers of these countries assembled in New York City in 2006 on the sidelines of the United Nations General Assembly and embraced the term \u201cBRIC\u201d as originally coined by Lord Jim O\u2019Neill.<\/p>\n

On June 16, 2009, the inaugural \u2018BRIC\u2019 Summit was held in Yekaterinburg, Russia. Later, South Africa was granted full membership in September 2010 during a BRIC Foreign Ministers meeting on the fringes of the UN General Assembly.<\/p>\n

This led to the alteration of the acronym to BRICS. Building on this progress, South Africa participated in the Third BRICS Summit in Sanya, China, on April 14, 2011. BRICS is firmly anchored in the principles of mutual respect, sovereign equality, inclusivity, consensus, and strengthened collaboration.<\/p>\n

The foundation of BRICS rests upon three pivotal pillars: political and security cooperation, financial and economic collaboration, and cultural and people-to-people exchanges. These pillars serve as a robust framework for guiding the alliance\u2019s interactions and ensuring its enduring viability.<\/p>\n

This sentiment is particularly pronounced as the 15th BRICS Summit, slated for August 22-24, 2023, in Johannesburg, South Africa, convenes under the theme \u201cBRICS and Africa: Partnership for Mutually Accelerated Growth, Sustainable Development, and Inclusive Multilateralism.
\nDrawing from the World Bank data from 2022, the combined population of the five BRICS nations stands at 3.27 billion, constituting 41.1% of the global population.<\/p>\n

These countries\u2019 cumulative Gross Domestic Product (GDP) for 2022 is valued at 25.92 trillion, accounting for 25.8% of the world\u2019s GDP. In contrast, Africa\u2019s total population across its 55 countries is estimated at 1.4 billion, representing 17.5% of the global population.<\/p>\n

Africa\u2019s overall GDP amounts to approximately US$3.0 trillion, contributing 2.7% to the global GDP. The African Development Bank\u2019s African Economic Outlook for 2023, underscores Africa\u2019s abundant natural resources \u2014 oil, gas, minerals, land, sunlight, wind, and biodiversity \u2014whose potential remains largely untapped and undervalued.<\/p>\n

The report highlights Africa\u2019s trillion-dollar investment potential in the climate and green growth sectors, offering a promising avenue for private sector involvement.<\/p>\n

The UN Conference on Trade and Development\u2019s (UNCTAD) BRICS Investment Report for 2023 reveals that the BRICS economies collectively account for 18% of global exports and approximately $250 billion in foreign direct investment outflows.<\/p>\n

Notably, the BRICS nations have emerged as significant investors in Africa, with a particular focus on industrial and service sectors, as confirmed by the Africa Development Bank\u2019s Briefing Note titled \u201cAfrica and the BRICS: A Win-Win Partnership?\u201d (2003).<\/p>\n

Moreover, the BRICS countries have expanded their presence on the continent in terms of foreign direct investment, outpacing traditional partners such as the United States and Europe.<\/p>\n

This emphasis on harnessing natural resources and boosting agricultural production is also underscored by the UN Economic Commission for Africa\u2019s (UNECA) Report \u201cBRICS\/Africa Partnership for Development\u201d (2014).<\/p>\n

Leveraging their substantial economic potential, the BRICS nations are optimally positioned to support Africa\u2019s aspirations under the AU Agenda 2063. These countries play a pivotal role in driving investments in natural resource beneficiation, manufacturing, and industrialisation across the continent.<\/p>\n

They also provide strategic impetus for enhancing productivity and competitiveness, especially within the agricultural sector, through consistent investment efforts.<\/p>\n

The emergence of the BRICS New Development Bank offers an alternative to the Western-dominated multilateral financial institutions, which have historically contributed to Africa\u2019s infrastructure development at a gradual pace.<\/p>\n

This bank holds the promise of financing comprehensive infrastructure projects across the continent, thereby enhancing connectivity through rail, maritime, air routes, and information and communication technology \u2014 an aspiration cherished by the African populace.<\/p>\n

A symbiotic partnership between Africa and BRICS has the potential to elevate Africa\u2019s status as a significant player on the global stage. This partnership extends to bolstering Africa\u2019s role in global governance structures, including institutions like the United Nations and Multilateral Financial Institutions.<\/p>\n

The expansion of BRICS to encompass additional nations, including those from Africa, is poised to inspire African countries to assume greater responsibility for funding their sustainable development endeavours.<\/p>\n

This approach empowers African nations to form alliances with developed countries that squarely address the continent\u2019s priorities for sustainable growth and economic transformation.<\/p>\n

Most notably, the BRICS initiative lays the foundation for a multipolar world, contrasting the prevailing unipolar influence exerted by the US and the G7 countries (Canada, France, Italy, Germany, Japan, UK, and the US).<\/p>\n

This envisioned multipolar world rests on principles such as mutual respect, sovereign equality, inclusiveness, consensus, and fortified collaborations.<\/p>\n

The International Monetary Fund, Economic Outlook (April, 2023) reveals that the population of the G7 countries is around 776.55 million representing 9.7% of the global population. The GDP for the G7 countries is around US$42.92 trillion representing around 30% of the world GDP.<\/p>\n

In a recent interview with Africa Business in June 2023, Lord Jim O\u2019Neill, the visionary behind BRICS, shared his perspective on the future of BRICS and its implications for Africa.<\/p>\n

He astutely remarked, \u201cthe notion that the group of seven \u2018industrialised\u2019 or \u2018more developed\u2019 or \u2018early developed\u2019 (G7) nations can single-handedly govern the world is disconcerting, given their diminishing share of the global GDP. Moreover, the G7 often finds itself aligned with the desires of Washington (US).<\/p>\n

How then can these select few address the world\u2019s most pressing challenges? This predicament highlights the raison d\u2019e\u0302tre behind my conception of BRICS: to advocate for a more effective global governance model than what the G7 offers.
\nIt is for these reasons that the enduring partnership between Africa and BRICS embodies a shared commitment to sustainable development, economic growth, and the transformation of global governance structures.<\/p>\n

The collaborative approach rooted in mutual benefit, respect, and a multi-polar perspective has the potential to reshape the global landscape, ensuring a more inclusive and prosperous future for all.<\/p>\n

https:\/\/www.thepost.co.ls\/insight\/the-significance-of-brics-for-the-african-continent\/<\/b><\/p>\n

For More News And Analysis About Mauritius<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mauritius. In the pioneering work titled \u201cBuilding Better Global Economic BRICs\u201d (Global Economics Paper No: 66), Lord Jim O\u2019Neill, then Chief Economist at Goldman Sachs, introduced the term BRICs, referring to the emerging economies of Brazil, Russia, India, and China. These nations\u2019 economies were experiencing rapid growth, fuelling discussions about their potential to […]<\/p>\n","protected":false},"author":84,"featured_media":34748,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,6],"tags":[242,233,245,241],"class_list":["post-34749","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-files","tag-africa","tag-africa-press","tag-africa-press-mauritius","tag-mauritius"],"yoast_head":"\nThe significance of BRICS for the African continent - Mauritius<\/title>\n<meta name=\"description\" content=\"In the pioneering work titled \u201cBuilding Better Global Economic BRICs\u201d (Global Economics Paper No: 66), Lord Jim O\u2019Neill, ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mauritius\/all-news\/the-significance-of-brics-for-the-african-continent\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The significance of BRICS for the African continent\" \/>\n<meta property=\"og:description\" content=\"In the pioneering work titled \u201cBuilding Better Global Economic BRICs\u201d (Global Economics Paper No: 66), Lord Jim O\u2019Neill, ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mauritius\/all-news\/the-significance-of-brics-for-the-african-continent\" \/>\n<meta property=\"og:site_name\" content=\"Mauritius\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-18T13:15:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-18T13:41:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mauritius\/sites\/61\/2023\/09\/sm_1695031822.38368.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/the-significance-of-brics-for-the-african-continent#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/the-significance-of-brics-for-the-african-continent\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"The significance of BRICS for the African continent\",\"datePublished\":\"2023-09-18T13:15:41+00:00\",\"dateModified\":\"2023-09-18T13:41:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/the-significance-of-brics-for-the-african-continent\"},\"wordCount\":1058,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/the-significance-of-brics-for-the-african-continent#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mauritius\/sites\/61\/2023\/09\/sm_1695031822.38368.jpg\",\"keywords\":[\"Africa\",\"Africa Press\",\"Africa Press-Mauritius\",\"Mauritius\"],\"articleSection\":[\"all news\",\"files\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mauritius\/all-news\/the-significance-of-brics-for-the-african-continent#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/the-significance-of-brics-for-the-african-continent\",\"url\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/the-significance-of-brics-for-the-african-continent\",\"name\":\"The significance of BRICS for the African continent - 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