BRICS Summit 2023: Enhancing SA-India trade ties

The 15th BRICS summit is expected to expand on local currency fundraising and lending within the New Development Bank (NDB), or BRICS bank. This would assist other framework agreements within the BRICS processes which have the scope and potential for greater cooperation and the industrialization of Africa. CNBC Africa's Godfrey Mutizwa recently spoke with Dammu Ravi, Secretary of Economic Relations in External Affairs of the Government of India, shedding light on the focus of the summit and the efforts to enhance trade ties between South Africa and India. Ravi highlighted the significance of the BRICS group in promoting multilateral cooperation, emphasizing the need for member countries to work together to achieve common goals. He mentioned that the NDB plays a crucial role in providing financial assistance for infrastructure development projects and sustainable growth initiatives within BRICS nations. Key Theme: Enhancing trade relations between South Africa and India through the BRICS platform Key Points: 1. Focus on local currency fundraising and lending within the NDB 2. Strengthening cooperation for industrialization and development in Africa 3. Commitment to promoting multilateralism and shared objectives among BRICS members During the interview, Ravi touched upon the importance of diversifying trade and investment channels, stating that it is vital for countries like India and South Africa to explore new avenues for economic collaboration. He expressed optimism about the potential for increased trade volumes and the facilitation of smoother trade mechanisms between the two nations. Ravi also discussed the role of technology and innovation in driving economic growth, pointing out the need for leveraging digital platforms and green technologies to address contemporary challenges. He underscored the significance of sustainable development practices and the adoption of disruptive technologies to boost productivity and enhance competitiveness in the global market. Furthermore, Ravi reiterated India's commitment to fostering strategic partnerships with African countries, including South Africa, to promote inclusive growth and sustainable development across the region. He emphasized the importance of aligning policies and initiatives to support the diversification of economies and the expansion of trade networks within the BRICS framework. In conclusion, the discussion between Mutizwa and Ravi highlighted the collaborative efforts aimed at deepening economic ties between South Africa and India within the BRICS platform. The focus on enhancing trade relations, promoting financial cooperation, and advancing sustainable development underscores the shared commitment of BRICS nations towards fostering stability, prosperity, and mutual growth in the global economy.