President Ramaphosa Addresses BRICS on Global Trade and Multilateral System Reform

Global Trade Shifts & Challenges

• 💡 The world is experiencing seismic shifts in global trade, moving from a unipolar to a multipolar world amidst intensifying competition and geopolitical tensions.
• ⚠️ Unilateral tariff actions are fostering a protectionist environment, causing significant hardship and danger for Global South countries.
• 🇿🇦 South Africa has seen negative impacts on employment levels and economic growth due to the uncertainty of the new trading regime.

BRICS Role & Economic Resilience

• 🤝 South Africa supports meaningful BRICS initiatives to improve the economic resilience of member countries and the Global South.
• 📈 The focus is on strengthening and diversifying trade and investment partnerships across Africa, Asia, the Gulf, the Americas, and Europe.

Africa's Vision for Global Trade

• 🌍 South Africa's response is rooted in the promise of an African continent on the rise, rich in talent, innovation, resources, and untapped potential.
• 🚀 The vision is for Africa to be a beating heart of global trade, creating value, connecting regions, and acting as a catalyst for shared prosperity, rather than just exporting raw materials.
• ✅ Efforts are underway to consolidate the African Continental Free Trade Area with fellow African countries.

Multilateral System Reform

• ⚖️ The multilateral trading system, with the WTO and United Nations at its core, must be preserved until all member states achieve their developmental goals.
• 📊 Despite the WTO's efforts for a level playing field, imbalances persist, with developing economies often locked into the lower end of the global value chain.
• 🔑 South Africa reaffirms support for WTO reform initiatives and urges BRICS countries to champion these necessary changes to ensure trade supports development.

Threats to Global Security & Well-being

• 🚨 Current threats include an increase in armed conflicts, fractious geopolitical tensions, environmental catastrophe, trade wars, and continued underdevelopment.
• 🌐 These challenges underscore the importance of strengthening the United Nations system and fully implementing membership-led mandates to secure humanity's well-being.