2021 marks 10 years of South Africa’s inclusion in BRICS.
2021 marks 10 years of South Africa’s inclusion in BRICS, this milestone is important in what is a historic position and aim for the ANC and all progressives who have long defined the relevance, strategic outlook and value of deepening South - South relations.
There were many factors that precipitated the proactive approach of SA in its drive to strengthen and foster South- South relations, part amongst these factors was the need to forge strategic partnerships that would lay the foundation for much needed investment and aid for our fledgling state. This would later position South Africa as a country of the South and a leading proponent of the necessity for South-South relations.
When the first BRIC summit sat in 2009 at Yekaterinburg, Russia, the South African minister of international relations at the time wrote a letter to the various heads of states expressing the country’s wish to get involved in the forum, this action marked the launch of a robust diplomatic lobbying campaign. As part of the campaign various government departments worked tirelessly to ensure that we run an effective campaign.
South Africa officially became a member of BRIC at this summit. BRICS, as it would be known from that day, would be a vital determinant of our priorities and foreign policy interests and allowed South Africa to project its identity as an emerging international player beyond being an accepted regional powerhouse in its immediate subregion.
A credit rating agency would be a critical step at moving towards financial sovereignty and having the ability to attract much needed progressive investment to Africa. The prospective rating agency would contend the three pro-west dominant credit rating agencies Fitch, Moody’s and S&P global rating. This would also come with a deep discussion of the issuer-pay model that has been an obstacle for the establishment of other rating agencies in the past.
The inclusion of South Africa in BRICS permitted two key South African agencies for economic diplomacy, namely the Development Bank of Southern Africa and the Industrial Development Corporation , to gain direct access, together with their counterpart agencies, to BRICS markets, and makes it possible collectively to raise funds and to form bilateral financial partnerships with them
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