1 Updates
BRICS to pursue value-added trade
Photo Credit: ALEXANDER JOE, Getty Images

BRICS to pursue value-added trade

Aug 20 2013, 6:28am CDT | by IANS

Johannesburg, Aug 20 (IANS) Value-added trade and establishment of the BRICS Development Bank are high on the agenda of the BRICS countries, South African Trade and Industry Minister Rob Davies said as the BRICS Business Council met here to identify specific measures to step up trade and investment.

Johannesburg, Aug 20 — Value-added trade and establishment of the BRICS Development Bank are high on the agenda of the BRICS countries, South African Trade and Industry Minister Rob Davies said as...

Filed under: news

Full Story below YouTube Videos

 
 

 

34 weeks ago

BRICS to pursue value-added trade

Aug 20 2013, 6:28am CDT | by IANS

Johannesburg, Aug 20 (IANS) Value-added trade and establishment of the BRICS Development Bank are high on the agenda of the BRICS countries, South African Trade and Industry Minister Rob Davies said as the BRICS Business Council met here to identify specific measures to step up trade and investment.

Johannesburg, Aug 20 — Value-added trade and establishment of the BRICS Development Bank are high on the agenda of the BRICS countries, South African Trade and Industry Minister Rob Davies said as the BRICS Business Council met here to identify specific measures to step up trade and investment.

Davies said trade ministers of the BRICS (Brazil, Russia, India, China and South Africa) group of countries had been meeting over the years to discuss ways of promoting cooperation in trade and investment.

"One of the important conclusions that we came to is that we are all industrialising economies, a group of dynamic, emerging economies," he said. "As such, we need to promote a pattern of interaction in the area of trade, which supports value-added production in each of our economies."

BRICS trade ministers have embarked on a study on how to promote value-added products and strengthen investment relations.

The South African chairperson of the Council, Patrice Motsepe, said that mutual benefit was also an important factor for the BRICS countries.

"Not just a talk-shop. We don't want discussions that are theoretical or academic," he said, noting that specific projects had been identified for discussion. "For us, it's to focus on value-added exports, the processing of products and manufacturing in South Africa.

"I'm confident that in the next few year, you will see a change in the quality of trade that has been taking place between South Africa and Africa, and the rest of the BRICS countries," Motsepe said.

Referring to Africa, Davies said value-added products would transform the continent from a "source of raw materials" into a key player in the global economy.

'We need to add value to our products. We need to add value to our mineral products [and] our agricultural products.

"We need to promote a much more value-added economy. We need to do this by integrating our continent [Africa]. We need to consolidate this by a massive infrastructure development programme on the continent," Davies told reporters.

Davies said that Africa, which was the next growth frontier, needed to set out on a different trajectory over next few years if it was "to consolidate that growth into real development". The continent needed to industrialise, he said.

Regarding the setting up of Brics development Bank, he said: "We think that there is a massive investment challenge which faces all of us in BRICS ."

At the conclusion of the fifth BRICS summit in Durban in March, the BRICS leaders had agreed to the establishment of a BRICS Development Bank to help finance infrastructure programmes and sustainable development in BRICS and other developing countries.

South Africa Reserve Bank deputy governor Daniel Mminele earlier this month had said chief negotiators had been appointed by each country, and that negotiations had begun to set up the Bank.

Davies said he believed the bank could also benefit non-BRICS members.

"Among other things, a Brics-led development bank would play a role in financing projects in all of the Brics countries, but not necessarily only in the Brics countries," he said.

"From a South African perspective ... we need to create jobs for our people. We need to create opportunities for improving the standards of living for our people."

Prominent business leaders from 19 other African countries are also taking part in the first BRICS Business Council meeting at the Sandton Convention Centre.

The Council was established by the BRICS heads of state and government during their summit in Durban in March 2013, to develop and grow business, trade, manufacturing and investment ties amongst the group countries and between them and Africa.

-- Indo-Asian News Service

srj/vm

IANS

Source: IANS

 

Don't miss ...

 

blog comments powered by Disqus

Latest stories

Major Efforts to Mitigate Climate Change Well Under Way in Europe
Major Efforts to Mitigate Climate Change Well Under Way in Europe
Responding to the UN report on climate change mitigation, European innovators working across a range of climate innovation disciplines are stressing that major efforts are well under way in Europe.
 
 
EU Climate Innovation Chief Executive: Private, Public and Academic Sectors Need to Come Together
EU Climate Innovation Chief Executive: Private, Public and Academic Sectors Need to Come Together
Mary Ritter, CEO of the EU's main climate innovation initiative Climate-KIC, calls for greater collaboration between the private, public and academic sectors to develop new solutions to stop further climate change.
 
 
InfraGard National Members Alliance Announces New Appointments to the Board of Directors
InfraGard National Members Alliance Announces New Appointments to the Board of Directors
Washington DC, DC, April 12, 2014 --(PR.com)-- The InfraGard National Members Alliance (INMA) announces the appointment of two members to its Board of Directors. The new appointees to three-year terms are Jerry Bowman...
 
 
Troubled Families Conference Announced by Capita Conferences - 27th June, Central London
This important conference gives a national overview of the troubled families agenda and delivers practical insight to help optimise services for families at risk and in crisis.
 
 
 

Latest from the Network

Do You Have The 'Stickability' To Be A Successful Entrepreneur?
It’s no secret that successful entrepreneurs have something special that sets them apart from just the dabblers and hobbyists, but exactly what is it that’s different? Every business venture runs into obstacles,...
Read more on Business Balla
 
The Masters Post Mortem And Prognosis Without Tiger Woods
null Before the Masters, I suggested the leaders of golf carefully examine this 2014 event without Tiger Woods. It would be a forecast of the future of golf without him, which is, of course, inevitable. The examination...
Read more on Business Balla
 
'X-Men: Days Of Future Past' Gets One Last Trailer
I suppose I should have seen this coming. I spent the last three months praising the relative restraint of the X-Men: Days of Future Past marketing campaign. Up until three weeks ago, we had only seen a single trailer,...
Read more on Business Balla
 
Bruins Tickets Have Biggest Face Price Discount For 1st Round Of NHL Playoffs
In three out of the last four season, the Bruins have faced an original six team in the first round of the playoffs. This year, they’ll face off against the Detroit Red Wings,  a team they haven’t met in the playoffs in...
Read more on Business Balla
 
Don't Underestimate Big Data
The techniques of big data have been criticized recently in a post by Tim Harford among others. It’s quite easy to imagine the potential here has been exaggerated, and a core point about the importance of theory in a...
Read more on Business Balla
 
Even Recreational Marijuana May Be Linked To Brain Changes
Adding to earlier evidence that marijuana may be linked to lasting neurological changes, a new study in the Journal of Neuroscience today finds that even casual pot smoking may have an effect on the size and structure...
Read more on Business Balla
 
Man Pulls Submachine Gun Over 22¢ Tax: 'I'm Tax Exempt'
A Chicago man allegedly brandished a submachine gun in a store. No, he wasn’t robbing it. He just didn’t want to pay a 22-cent tax on a $1.79 two-liter bottle of soda. Taxes are annoying, especially this time of year....
Read more on Business Balla
 
Wireless industry makes anti-theft commitment
SAN FRANCISCO (AP) — A trade group for wireless providers said Tuesday that that nation's biggest mobile device manufacturers and carriers will soon put anti-theft tools on the gadgets to try to deter rampant smartphone...
Read more on Business Balla
 
Paul Walker's brothers help complete movie
Paul Walker's younger brothers will help complete his final movie, 'Fast & Furious 7.' Producers confirmed on Tuesday (04.15.14) that Caleb and Cody Walker have signed on to shoot the remaining scenes featuring the...
Read more on Celebrity Balla
 
Wireless industry makes anti-theft commitment
SAN FRANCISCO (AP) — A trade group for wireless providers said Tuesday that that nation's biggest mobile device manufacturers and carriers will soon put anti-theft tools on the gadgets to try to deter rampant smartphone...
Read more on Apple Balla
 
 
Auto Balla Sexy Balla Sport Balla TV Balla Politics Balla Movie Balla Apple Balla Business Balla Ad Balla Celebrity Balla