Godongwana calls on emerging economies to reshape trade patterns
Talks about a new world order and increased trade among BRICS member states gained momentum at the bloc’s annual meeting last year in Johannesburg.
FILE: Finance Minister Enoch Godongwana. Picture: GCIS
JOHANNESBURG - Finance Minister Enoch Godongwana has again called on emerging economies to reshape trade patterns as the BRICS alliance intensifies plans for a new world order.
Godongwana made the call at the World Economic Forum in Davos on Thursday.
Talks about a new world order and increased trade among BRICS member states gained momentum at the bloc’s annual meeting last year in Johannesburg.
At the meeting, BRICS members agreed to water down the bloc’s reliance on the dollar in trade relations between the member states.
Godongwana has now reiterated the need to strengthen intra-continental trade in Africa using the Africa Continental Free Trade Pact.
"Our economies, particularly South Africa, have been heavily dependent on the West so a delinking for us is quite critical, in other words changing trading patterns. Our trade patterns have changed dramatically with Africa. Africa has now become our second biggest trading partner and that is so important for us because it reduces that dependence."