Log In

Ramaphosa welcomes proposal to establish new BRICS Investment Platform - CNBC Africa

Published 11 hours ago3 minute read

At the 17th BRICS Leaders' Summit held in Rio de Janeiro, South African President Cyril Ramaphosa underscored the transformative potential of a proposed BRICS Investment Platform aimed at revolutionizing cross-border payment systems among member nations. Emphasizing efficiency, low-cost transactions, and increased transparency, Ramaphosa celebrated the initiative as a pivotal advancement towards a more inclusive economic infrastructure within the BRICS framework. The summit, expertly organized by Brazilian President Luiz Inácio Lula da Silva, marked another significant moment in BRICS' ongoing evolution. With South Africa, Brazil, Russia, India, China and new member Indonesia in attendance, the multinational congregation accentuated its collective influence, representing over half of the global population and nearly 40% of the world’s GDP. 'BRICS is growing in importance and reach,' President Ramaphosa asserted, highlighting that this broad-based representation fortifies the group's aim to influence global governance reforms. He reaffirmed BRICS' commitment to recognizing the sovereignty and equality of all member nations, a cornerstone of their cooperative agenda. Throughout the summit, discussions traversed a broad spectrum, from reforming United Nations structures, particularly expanding the Security Council to include large, influential nations like India and Brazil, and ensuring representation for Africa—a continent hosting 1.3 billion people yet absent from the Security Council's permanent seats. Climate change was another pressing issue tackled at the summit. President Ramaphosa pointed out that while countries in the Global South, least responsible for emissions historically, are disproportionately affected by climate challenges, it is critical that developed nations uphold their pledges. 'We need to transition to renewable energies,' he emphasized, urging wealthier nations to fulfill their commitments in combating climate change's impacts. Regarding security, BRICS collectively condemned unilateral military actions such as those against Iran and reiterated their plea for a cessation of violence in volatile regions like Gaza. The need for halting what Ramaphosa termed 'the slaughter and genocide of Palestinians' was strongly voiced. Further deliberations centered on African conflicts, with a consensus that these should be settled through solutions crafted by Africans themselves. A notable highlight from the summit was the focus on enhancing collaboration in critical mineral beneficiation and value addition, particularly from resources originating in Africa. This theme resonated strongly with both South Africa and Brazil, who advocated for such economic strategies to stimulate regional development and self-sufficiency. Documenting mutual success and resolving without internal conflict, the summit culminated in an adopted declaration, signifying unity among nations craving progress and fairness on a global scale. President Ramaphosa conveyed satisfaction with the outcomes, applauding the cooperative spirit permeating the summit and forecasting that it will lead to substantial developments throughout the world. As BRICS prepares for the forthcoming G20 Summit in Johannesburg, South Africa received resounding support. Ramaphosa left Rio with an optimistic outlook, affirming undying BRICS collaboration amid expectations for enhanced global dynamics thanks to initiatives like the proposed investment platform.

Origin:
publisher logo
cnbcafrica

Recommended Articles

Loading...

You may also like...