adminJohannesburg. – As the inaugural Brics business council meeting got underway in Johannesburg on Monday, council chairman Patrice Motsepe stressed that businesses in South Africa would push for nothing less than mutually beneficial trade and investment relations.Motsepe’s comments came amid persistent calls from local manufacturers for the government to address “cheap imports” — especially from fellow Brics member China — which were negatively affecting their competitiveness.
South Africa has, in recent months, fallen out with China and Brazil in particular, over anti-dumping and safeguard measures, as well as import duty increases in several products including frozen chicken, tyres, kitchen sinks and mirrors.
The two-day meeting has brought together company representatives from the five Brics member countries — Brazil, Russia, India, China and South Africa. Issues to be discussed included infrastructure, industrialisation, trade and value addition. The meeting also came as emerging market currencies tumbled on Monday on continued fears about the possible effects of a reduction in US stimulus later this year on capital flows.
The council was established at the Brics heads of state summit in March this year, with a mandate to develop and grow business, trade, manufacturing and investment ties among the five member countries, and between the bloc and other African countries.
Addressing a media briefing on Monday, Motsepe said whatever trade and investment deals were agreed on in future should equally benefit all. – Bloomberg.
Online Reporter