BRICS Resolution Against Protectionism Supported By S. African Business Community

The business community of South Africa have come out strongly in support of the BRICS resolution taken that opposes policies of trade protectionism and which proposes the adoption of rules based on multilateralism.

This was the outcome of a high-level deliberation between the government officials and captains of industry in Johannesburg.

Calls for rejection of protectionism was given by South Africa’s Department of Trade and Industry Invest South Africa CEO Yunus Hoosen.

“We support the outcomes of the BRICS summit with a commitment to work with partners to work together supporting multilateral to protect our policy space,” said Hoosen.

There has been a shift in the global trade from the North to the South over the last 16 years, he also noted.  He also said that in the global trade, BRICS is now a force to reckon with and called for greater coordination and collaboration from other friendly countries for building a better world.

He said: “We must be able to consolidate our position in the international world with fellow partners to accelerate our agenda on the multilateral system.”

Collaborations in areas of intellectual property, regulations and trade promotion is being done by BRICS, Hoosen said. “We have to work with BRICS members and emerging economies on common positions like the WTO, inclusive agenda that seek to protect our policy space and promote industrialization.”

Officials and high commissioners and embassies of countries including Russia, India, South Africa, Indonesia, Malaysia and Syria had attended the meeting.

There was also a call for exploitation of the opportunities that exists in the BRICS countries through collaboration as given by Hoosen.

Multilateralism and open market is the way to go, said South African Chamber of Commerce and Industry (SACCI) President Zeph Ndlovu.

They will never support unilateralism and protectionism, he said.

“We are part of BRICS and G20 and it is important for us to espouse multilateralism. We do not support protectionism as seen in the U.S. It is counterproductive, counterrevolutionary and counter progressive. No man is an island and we dare not promote that. Let us hold our hands together,” said Ndlovu.

interrelations with other countries of the world is promoted by them because they are a part of the “league of nations” and business, he said.

The open free market system espoused in the UN protocol is respected by them, Ndlovu pointed out.

He also pointed out that as SACCI they are members of the International Chamber of Commerce, UN and other international organizations and they support the rules based on open market system.

Ndlovu also said that “protectionism has to be dismissed with the contempt it deserves.”

Multilateralism was supported by Pan African Chamber of Commerce marketing and communications Director Kudzai Muchechetere.

“We do not support policies which are inward looking. Protectionism is selfish. We support open market. We want Africa to trade with itself and the world to allow the economies to grow,” she said.

(Adapted from Xinhuanet.com)

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Categories: Economy & Finance, Geopolitics, Strategy, Sustainability, Uncategorized

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