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BRICS leaders sign a Johannesburg declaration

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Leaders of the BRICS bloc have signed a declaration supporting an open and inclusive multilateral trading system at their summit at the summit in Sandton, north of Johannesburg.

The leaders of South Africa, China, Russia, India and Brazil have found common ground championing global trade and condemning protectionist measures.

This comes after US President Donald Trump introduced new trade tariffs in March and several countries retaliated.

Chinese president Xi Jinping was among the BRICS  leaders who made calls today for open trade.

“The escalation of protectionism and unilateralism are affecting developing and emerging markets. We the BRICS countries must therefore deepen our partnership and underpinned by economic and security cooperation.”

BRICS Johannesburg Delcaration 2018 from SABC News

4th Industrial Revolution to improve global competitiveness

President Cyril Ramaphosa says the 4th Industrial Revolution provides developing and emerging economies with the opportunity to improve their global competitiveness. He was delivering a keynote address at the start of the two-day BRICS leaders summit in Sandton, north of Johannesburg.

Ramaphosa is seeking the co-operation of the leaders of BRICS partners China, Russia, India and Brazil, who are all attending the two-day annual summit.

In his maiden speech as host of the BRICS leaders summit, President Ramaphosa warned that the digital revolution will lead to a major technological disruption.

The President said rapid technological advances could negatively affect small and emerging economies if rich and advanced economies do not share their technology expertise.

“Unless its approached in a collaborative manner rapid technological change could only serve to entrench the existing disparities between countries.  It could also create new fault lines within our societies.  By working together I’m certain that we will be able to confront the challenges and seize opportunities that this new developments also presents us.”

Ramaphosa has urged both political leaders and business executives to invest in new technologies to bolster innovation.

“As BRICS countries, we should not become mere adopters of new technologies. We must ensure that mastery of the 4th Industrial Revolution does not become the exclusive preserve of just a handful of countries. We must promote inclusivity, diversity and cooperation.”

Indian Prime Minister Narendra Modi who spoke through an interpreter has called on his peers to ensure that social security measures are put in place, so that the much vaunted digital industrial revolution doesn’t negatively affect unskilled workforce.

“In India or experience has been very positive.  In today’s times, technology is the biggest disruptor.  We will have to manage globalisation resulting from this disruption by better collaboration by providing social security for the semi and unskilled workers.”

Meanwhile, Chinese President Xi Jinping urged BRICS member states to strengthen trade and investment co-operation, to counter protectionist policies by the US and some western nations.  This comes after US President Donald Trump introduced new trade tariffs sparking a trade war with China and other western allies.

“The escalation of protectionism and unilateralism are affecting developing and emerging markets.  We the BRICS countries must therefore deepen our partnership and underpinned by economic and security cooperation.”

Russian President Vladimir Putin has thanked the BRICS member states for supporting Moscow’s bid to host an energy research centre.

Russia has the largest known natural gas reserves in the world, and its oil and gas have become vital commodities amongst the most advanced economies.

Ahead of the recent NATO summit in Brussels, US President Donald Trump criticised Germany’s reliance on Russia for half of its gas imports. Trump argued that the 11-billion US dollar pipeline expansion project linking Russia and Germany would give Moscow greater geopolitical leverage over Europe.

President Putin said the envisaged Energy Research Centre will boost Moscow’s competitive edge.

“We are grateful for our BRICS partners for their support for the idea to create BRICS energy research centre and it will enable it to compete as equals with leading energy analytical agencies.”

President Ramaphosa has also praised BRICS Ministers of Industry for establishing the BRICS Partnership on the New Industrial Revolution, a blue-print document which will serve as an implementation tool, for the economic bloc’s industrialisation, innovation, and investment initiatives.

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