South Africa invited to join Bric group

South Africa has received a formal invitation to join the Brazil, Russia, India and China (Bric) group of large emerging economies, International Relations and Cooperation Minister Maite Nkoana-Mashabane said on Friday.

“China, in its capacity as rotating chairperson of the Bric formation, based on agreement reached by the Bric member states, invited South Africa as a full member into what will in future be called Brics,” Nkoana-Mashabane told journalists in Pretoria.

She said she received a phone call on Thursday from Chinese Foreign Minister Yang Jiechi informing her of the invitation to join the group, whose current members will account for 61% of global growth in 2014, according to the International Monetary Fund.

“(Chinese) President Hu Jintao also issued a letter of invitation to President Jacob Zuma to attend the third Brics leaders’ summit, to be held in China in the first quarter of 2011,” Nkoana-Mashabane added.

The Bric countries are not formally linked but have held summits and taken steps to boost financial cooperation and investment opportunities among them.


South Africa, whose economy is about one-fourth the size of India’s, had been lobbying heavily to be admitted to the club.

Meanwhile, Reuters reported Chinese state media agency Xinhua had confirmed China had South Africa to join the four-member grouping of fast-growing emerging markets on Friday.

Chinese Foreign Minister Yang Jiechi said Bric has accepted South Africa as a full member of the group, according to Xinhua, which was monitored in Johannesburg.

China, South Africa’s largest trading partner, will invite President Jacob Zuma to attend a summit of Bric leaders that Beijing will host next year, it said.

South Africa is the world’s 31st-largest economy, according to World Bank data for 2009 and is less than a quarter the size of the smallest Bric economy, Russia.

Projected growth for SA
The Bric countries have sought greater clout for their grouping, holding a summit in Russia in 2009. “Bric” is a term invented in 2001 by Jim O’Neill, the chairperson of Goldman Sachs Asset Management.

South Africa applied to join Bric at the G20 meeting of the world’s leading economies in Seoul in November, Russian President Dmitry Medvedev said at the meeting.

Its economy is projected by its government to grow about 3% this year, hardly the blistering pace seen in other Bric countries.

Some investors make asset allocations based on the Bric classification and all of the countries that currently make up the grouping have seen their global financial clout increase substantially in recent years. — AFP, Reuters

Subscribe to the M&G

These are unprecedented times, and the role of media to tell and record the story of South Africa as it develops is more important than ever.

The Mail & Guardian is a proud news publisher with roots stretching back 35 years, and we’ve survived right from day one thanks to the support of readers who value fiercely independent journalism that is beholden to no-one. To help us continue for another 35 future years with the same proud values, please consider taking out a subscription.

Related stories

Covid-19 stems ‘white’ gold rush

The pandemic hit abalone farmers fast and hard. Prices have dropped and backers appear to be losing their appetite for investing in the delicacy

China’s resource-for-infrastructure deals

Are RFIs a viable model for aiding Africa’s economic development?

China blamed for Zambia’s debt, but the West’s banks and agencies enabled it

The narratives about the African country’s debt crisis are being used as fodder in geopolitical battles

The world’s warriors are under attack, but we must keep on fighting

The murder of Fikile Ntshangase in KwaZulu-Natal was not an isolated incident. Around the globe, from Nigeria to Brazil, environmental activists are similarly being silenced, and it is our duty to continue this struggle

Greed won’t end the vaccine wars

In the race for a safe and effective vaccine, human rights and honesty should be prioritised above profits, say activists

Muddying the waters in the Musina Makhado economic zone

The public participation process on the environmental impact assessment for the area’s special economic zone has been shambolic
Advertising

Subscribers only

Q&A Sessions: Frank Chikane on the rainbow where colours never...

Reverend Frank Chikane has just completed six years as the chairperson of the Kagiso Trust. He speaks about corruption, his children’s views and how churches can be mobilised

ANC: ‘We’re operating under conditions of anarchy’

In its latest policy documents, the ANC is self-critical and wants ‘consequence management’, yet it’s letting its members off the hook again

More top stories

Shabnim Ismail bowls her way into the record books Down...

The night before Australia’s Women’s Big Bash League (WBBL) final, fiery South African fast bowler Shabnim Ismail lay awake pondering how...

Hawks make arrest in matric maths paper leak

Themba Daniel Shikwambana, who works at a printing company, was granted bail and is due to return to court in January

Andile Lungisa: Early parole for the house of truth

Disgraced Nelson Mandela Bay councillor Andile Lungisa calls for a change of leadership in the ANC immediately after being released on parole

War of words at Zondo commission: ‘Grow up Mr Gordhan,...

The cross-examination of the public enterprises minister by Tom Moyane’s lawyers at the state capture inquiry went on well into overtime on Monday evening
Advertising

press releases

Loading latest Press Releases…