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SA should trade more with BRICS- Reserve Bank
April 22, 2013, 3:19 pm


South African Reserve Bank governor Gill Marcus said South Africa should exploit the BRICS membership benefits [BRICS5]

More trade with BRICS countries will help South Africa recover from the global economic crisis, the South African Reserve Bank said in a statement.

The statement said the remark was made by its governor Gill Marcus in Johannesburg over the weekend.

The governor refereed to the mining crisis in South Africa adversely affecting the country’s exports performances.

Marcus said that the weak global growth environment looks set to persist.

“The slow recovery of advanced economies is making it difficult for South Africa’s trade account of the balance of payments,” said the bank chief.

Stressing on the need for South Africa to look beyond traditional trade partners, she pointed out the growing clout of the BRICS.

“Since the traditional trading partner Britain in manufacturing exports is not performing well, there is a need for South Africa to look to emerging markets,” she said.

The governor pointed out that South Africa should exploit the BRICS membership benefits.

“South Africa is now part of the BRICS grouping, and though a relatively small partner, we are full members and are working to maximize the opportunities that present themselves,” Marcus said.

Marcus praised the BRICS for its fast development in economy, saying “there is little doubt that there has been a tectonic shift in the drivers of global growth. The emergence of countries such as Brazil, Russia, China and India has changed the epicentre of global economic activity.”

“The BRICS share of global GDP has increased three-fold in the past 15 years, and this share is currently around 20 per cent in market terms, and is expected to rise to 45 per cent by 2030,” she added.

With inputs from Agencies