Global financial and payment systems are becoming instruments of geopolitical contestation, according to President Cyril Ramaphosa during the Brics Summit. He emphasized that a predictable global payment system and smooth operation of banking, supply chains, trade, tourism, and financial flows are crucial for global economic recovery.
- Peace and stability are essential for creating a better and more equitable world, as stated by Ramaphosa. He expressed deep concern about ongoing global conflicts that cause suffering and hardship, including Russia’s actions in Ukraine and violence in African countries.
- Brazilian President Luiz Inácio Lula da Silva highlighted the consequences of the Russian war and the limitations of the United Nations Security Council. Brazil expressed readiness to join efforts for an immediate ceasefire. Ramaphosa reiterated South Africa’s position, emphasizing the importance of diplomacy, dialogue, negotiation, and adherence to the principles of the United Nations Charter for resolving conflicts peacefully and justly.
- South Africa intends to continue discussions on facilitating trade and investment through the increased use of local currencies. Ramaphosa stressed the need for greater cooperation between nations and fundamental reform of global governance institutions to address current economic, political, social, and technological realities effectively.
- Brics (Brazil, Russia, India, China, and South Africa) stands for solidarity, progress, inclusivity, and a more just and equitable world order, according to Ramaphosa. He highlighted the bloc’s significant role in global growth, trade, and investment, and its commitment to sustainable development.
- South Africa is confident that the Brics Summit will advance the cause of common prosperity and progress and contribute to the achievement of a more humane global community. The country views the partnership as an inclusive formation of developing and emerging economies, working together to address poverty, inequality, and underdevelopment, with a focus on driving an inclusive global economic recovery.
President Ramaphosa is supported by Deputy President Paul Mashatile and several ministers, including Minister in the Presidency Khumbudzo Ntshavheni, Minister of International Relations and Cooperation Naledi Pandor, Minister of Mineral Resources and Energy Gwede Mantashe, Minister of Trade, Industry and Competition Ebrahim Patel, and Minister of Higher Education, Science and Technology Blade Nzimande.