BRICS countries have now entered the golden decade. That’s according to Chinese president Xi Jinping, at the just concluded 10th BRICS summit in Johannesburg, South Africa.
Within just a decade’s time, BRICS have grown into the world’s most influential grouping of emerging economies, representing 40 percent of the world population and making up 22 percent of the global GDP.
So what more does the Golden decade hold?
And here in the Africa, what opportunities does that offer for the continent in its own drive for industrialisation and sustainable development?
The 3-day summit concluded with leaders of the five countries signing the Johannesburg declaration and an action plan.
Issues of mutual concern aimed at achieving development, economic growth and prosperity, as well as peace and security were outlined.The group unified their stance on strengthening multilateralism in both political and economic matters, and rejecting unilateralism and trade protectionism.
They also re-affirmed their commitment to the WTO to ensure a rules-based, transparent, open and inclusive trading system.Agreement has been reached that investment-led trade would be the end goal to ensure more complementary and equitable intra-BRICS trade.
The BRICS business council also launched a host of new projects to facilitate the transfer of knowledge and skills between the five countries, to enable them to seize the full potential presented by the 4thIndustrial revolution.