[LISTEN] Who runs the real powerhouse within the Brics nations?

Jul 28, 2018, 11:43
[LISTEN] Who runs the real powerhouse within the Brics nations?

This year, the three-day BRICS Summit is taking place in South Africa while the agenda of the meetings is focussed on a US-led global trade war.

On Wednesday‚ Chinese president Xi Jinping said there would be "no winner" in a global trade war‚ which has been perceived as a warning to US President Donald Trump.

Mr Ramaphosa said: "We are concerned by the rise in unilateral measures that are incompatible with World Trade Organization rules and are anxious about the impact of these measures, especially on developing countries".

"A global trade war should be rejected because there will be no victor", said Xi, who oversees the world's second-largest economy, and whose nation is dominant in the BRICS bloc.

President Yoweri Kaguta Museveni has this afternoon arrived in the South Africa capital, Johannesburg for the 10 BRICS Summit. The concept has turned into a more formalized economic grouping and annual summit, with the 10 event occurring in Johannesburg on July 25-27.

"I will not make any comments for now, it is a very delicate, sensitive issue, which needs further research and development", he told journalists at the press conference on the outcomes of the BRICS summit held in South Africa. On Tuesday, China made a commitment to pay out $14.7-billion (R196-billion) to fund investments in South Africa. While addressing the Parliament of Uganda, the Prime Minister said that India felt "proud" to be Africa's partner as India's story of freedom struggle was "intimately" linked to the continent.

During former president Jacob Zuma's administration, the South African government appeared hell-bent on signing off a R1 trillion nuclear-build programme with Russian state-owned nuclear energy company, Rosatom, to build four reactors that would provide 9.6 megawatts to Eskom's electricity grid.

Earlier on Thursday, Chinese President Xi Jinping called for a concerted effort by global institutions such as the United Nations and the WTO to fight unilateralism and protectionism.

Beijing this week sharply rejected accusations by Mr Trump that it was manipulating the yuan to give its exporters an edge, saying Washington appeared determined to provoke a trade war, according to AFP.

He said, properly harnessed, new technologies can ensure more efficient processes and more reliable systems of service delivery and expand economic participation by ensuring that knowledge and information is more broadly disseminated across the population, urging the BRICS countries to equip people with the necessary skills to thrive in such a society and in such an economy.

Xi said the Chinese side is ready to work with the Indian side to carry forward the fresh impetus of bilateral relations since their informal meeting in Wuhan, China's state-run Xinhua news agency reported.