Chinese President Xi Jinping has warned that there would be no winner in any global trade war. This is seen as a direct warning to United States President Donald Trump who has placed huge tariffs on all Chinese imports.
The Chinese President was addressing the BRICS Business Forum at the start of the 10th BRICS Summit underway in Sandton.
Speaking through an interpreter, the Chinese leader warned that unilateralism and protectionism could severely harm the prospects of a successful multilateral trading regime.
Meanwhile President Cyril Ramaphosa has hailed the first decade of the existence of BRICS as a major success in global developmental agenda.
Ramaphosa was speaking at the official opening of the BRICS business summit currently underway in Sandton.
The meeting brings together leaders and businessmen from Brazil, Russia, India, China and South Africa.
President Ramaphosa says over the past ten years, the bloc has made enormous strides a number of co-operation areas including climate change and promoting sustainable development:
“Since its formation, the bank has dispatched loans totalling 5.1 billion dollars with approvals amounting to 1.7 billion this year alone. As we enter the second decade of BRICS cooperation, we are determined to expand the bank’s role in economic and social development.”
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