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Premises of a New Economic Order

By on April 12, 2011
At the end of 2010, South Africa joined the BRIC, which was then renamed BRICS. The recent entry of South Africa in the BRIC group, joining Brazil, Russia, India and China will allow the five major emerging economies of the world to enjoy more their membership and strengthen their voice on the world stage said an expert from South Africa, because South African businesses can access the BRIC markets, and conversely, the BRIC countries have a gateway to Africa by positioning themselves within the South African market.

The South African companies are inputs for the block in terms of technology, research and development and innovation, so everyone can jointly exploit economic opportunities not only in African markets but also in other regions. All members of the BRIC countries have unanimously welcomed the arrival of this new member, and the Chinese President, Hu Jintao, has extended an invitation to his South African counterpart to join the BRIC’s leaders meeting to be held in the city of Sanya in southern China in mid-April, to see how the BRICs could play a more constructive role in the global economy. Chinese Minister of Foreign Affairs, Yang Jiechi, said last March that China hoped that the next meeting would lead to positive results, stating that the BRICS countries have already played an important and constructive role in addressing the global financial crisis and climate change.

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