2023-08-20 22:13:54
South Africa is hosting the BRICS Summit from August 22-24 at the Johannesburg Conference Center. The country is, since 2010, the most recent member of the group, whose acronym was imagined in the 2000s by the economist Jim O’Neill. But from an economic point of view, Pretoria does not play in the same category as the four other powers of the bloc (Brazil, Russia, China, India), and tries to compensate diplomatically.
With less than 2% of the population des Brics, and also less than 2% of the group’s GDP, South Africa’s indicators are very far from those of its partners. And the gap should continue to widen, according to Johan Fourie, professor of economics at the University of Stellenbosch: At the very beginning, South Africa seemed like a good partner in this alliance, but during the 2010s, the South African economy struggled and stagnated. There are divergent trajectories within the alliance: for example, China reached only half of South Africa’s GDP per capita in the 1990s, and in 2016 it surpassed it. And given the very low growth forecasts for South Africa over the next few years, this trajectory should be confirmed. »
It is therefore rather thanks to its diplomatic stature that the country manages to maintain a voice within the bloc, according to Jo-Ansie Van Wyk, professor of international politics at the University of South Africa: “ We are, as we have seen, a partner of influence on the continent. We have sat on the UN Security Council several times, we have also chaired the African Union under Ramaphosa, and that gives us weight. »
As for the economic advantages that South Africa can derive from the BRICS, they are, there too, for the moment still minimal. Apart from loans from the New Development Bank, the country mainly benefits from its bilateral relationship with China. President Xi Jinping will also be received on a state visit in parallel with this summit.
Economic exchanges to be developed with the other members of the Brics
And exchanges with the bloc still need to evolve, according to South African Foreign Minister Naledi Pandor: “ Last year, the Brics accounted for 21% of South Africa’s trade. China remains our most important partner. And, of course, we continue to have a trade deficit with the BRICS countries, and we have to look into that. There is an urgent need to diversify our trade, as raw materials continue to dominate our exports. »
The group is also considering welcoming new members, and according to South Africa, several countries on the continent have formally expressed their interest, such as Egypt and Nigeria, which have robbed Pretoria of its place as the world’s leading economy. ‘Africa.
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