'...Brics mustn't come at the expense of our relationships with the West. This is surely obvious. While the opportunities in the East are clear, our trading relationships with the West are essential to our economic well-being,' - BusiMavuso2
The Brics bloc is a positive opportunity for South Africa. It is right for our government to cultivate relationships with Brics. India and China in particular are massive and fast-growing markets that South African businesses can benefit from. However, our relationship with Brics must not come at the expense of our relationships with the West. This is surely obvious. While the opportunities in the East are clear, our trading relationships with the West are essential to our economic well-being.
Brics Business Council bullish ahead of Joburg summit She ignored that it is Europe and the United States that import by far the majority of our manufactured goods, including vehicles and machinery made here – the kinds of goods that drives industrial activity and add more value to our economy. Of course, this pattern of low value-added exports to Asia is one we should aim to change, shifting the trading mix over time to goods with more value added.
Blunt rhetoric and rising vigilantism is consuming the state Immense harm would be done to our industrial base if we collapsed the trade relationships that currently sustain it without any competitive access to new trading markets. China, India and Brazil have huge populations that create potentially massive demand for goods we could potentially provide.
Brics seize chance to counter US with expansion China clearly is interested in maintaining access to our raw materials, but our focus should be on creating opportunity for value-added goods and services exports. Russia, of course, represents quite unique risks given its war with Ukraine and we must be careful not to suggest that our relationship with Brics implies an endorsement of Russia.
Barloworld impairs Equipment Eurasia business following Russia’s invasion of Ukraine Instead, we should look to work with Brics members to improve relations and opportunities for our economies to trade with each other. In particular, South Africa should focus on enabling greater export of its manufactured goods to the other Brics countries.
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