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This is a big year for South Africa and BRICS. The country assumed the role of BRICS chair on January 1 and will remain in this position until the end of 2018. In addition, the year represents a milestone as the 10th BRICS Summit will be hosted in Johannesburg on July 25-27, which will be preceded by numerous sectorial BRICS ministerial events and meetings.

South Africa regards BRICS as a catalyst to its core foreign policy priorities, such as promoting African Union (AU) agendas and the UN 2030 Sustainable Development Agenda, advocating for global governance reforms, and embodying South-South cooperation and solidarity in a spirit of mutually benefi cial collaboration. From a global South perspective, BRICS is one of the foremost world mechanisms born in the post-World War II and Bretton Woods period that pertinently addresses the needs of the global South.

BRICS achievements

In the past decade, BRICS has evolved and expanded its mandate beyond the initial economic focus that brought the members together to include political, security, social and other relevant matters. It has established its own viable, credible and internationally comparable financial institutions, namely the Contingent Reserve Arrangement, the New Development Bank(NDB) and the NDB Africa Regional Center(ARC). In fact, it was in South Africa in 2013 that the BRICS leaders first deliberated and endorsed these key institutions. What BRICS has achieved in this context shows it has been a resounding success.

From the onset of joining BRICS in late 2010, South Africa has aligned its efforts in BRICS to those on the African continent. This has seen BRICS support for African developmental aspirations grow, notably through backing Africa’s own vision as embodied in the AU Agenda 2063 and related continental programs to advance industrialization and infrastructure development on the continent. This will enhance intra-Africa economic cooperation and integration initiatives.

One of the core mandates of the NDB ARC is to mobilize resources for infrastructure and sustainable development projects in BRICS and other developing countries and emerging economies. The African continent is integral to the vision and mandate of the NDB ARC. Through the center, the continent will benefit from funding of infrastructure projects and from the idea that the NDB ARC will ideally serve as an African center of excellence that specializes in capacity building and technical assistance.

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