South African President Cyril Ramaphosa pressed for a comprehensive reform of the world’s economic, financial, and political structures. Addressing leaders from nearly 50 nations at the culmination of the BRICS 2023 Summit, President Ramaphosa declared the Global South’s undeniable right to harness the full advantages of world trade and investment.
Ramaphosa highlighted the disparities faced by many Global South countries, despite significant strides in sectors such as industrialization, technological advancements, and the digital realm, these nations haven’t tapped into their complete economic potential.
Ramaphosa’s poignant assertion resonated deeply: “It is the right of Africa and the entire Global South to fully reap the benefits of global trade and investment. Without trade and investment, our economies cannot thrive and our people’s material conditions cannot improve.”
He further emphasized the pressing need for reforms.”We have to reform global economic, financial, and political governance, including the multilateral trading system so that we create a conducive environment for fair trade,” Ramaphosa emphasized.
Drawing connections to historical contexts, the South African President paralleled the mission of BRICS to the landmark Bandung Conference of 1955. This gathering symbolized Asian and African nations’ aspirations, advocating for an amplified voice on the global stage. “We still share that common vision of a fair and just world. We still seek to overcome polarity and division. We want a world without barriers between North and South, East and West. We still seek a world in which we work together underpinned by mutual respect,” Ramaphosa articulated.
Ramaphosa perceives the 15th BRICS Summit as a beacon channeling unity, friendship, and collaboration, reminiscent of the Bandung spirit. He analogized this ethos to the African philosophical paradigm of Ubuntu, interpreting it as ‘I am because you are’. “Ubuntu is a practice based on the understanding that our success, prosperity, and wellbeing depend on the success, prosperity, and the well-being of others,” commented the president.
Envisioning the BRICS partnership, Ramaphosa identifies it as a formidable catalyst for global growth, attuned to the necessities and aspirations of every nation. Harnessing Africa’s expansive resources for its denizens’ elevation stands paramount, he pronounced.
Alluding to the impending potential of the African Continental Free Trade Area, Ramaphosa exuded confidence in its transformative capacity for the continental market. He accentuated Africa’s anticipation from the BRICS consortium to expedite infrastructure and development capital, congruent with the New Development Bank’s foundational ethos.
Concluding, President Ramaphosa extolled the New Development Bank’s pioneering role in augmenting the Global South’s fortitude. By fortifying the adoption of BRICS currencies, the Bank shapes a balanced global trading and financial panorama, he acknowledged.
With these proclamations, the global diaspora observes keenly as this narrative of equity and parity in global commerce and investment takes shape.
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