Ramaphosa calls for increased trade between BRICS nations

Speaking at the BRICS Business Forum in Sandton earlier on Wednesday, Ramaphosa said the full trade potential between the five countries is not met.

President Cyril Ramaphosa delivering the opening address at the BRICS Summit. Picture: @PresidencyZA/Twitter.

JOHANNESBURG - President Cyril Ramaphosa has called for an increase in trade between BRICS nations.

Speaking at the BRICS Business Forum in Sandton earlier on Wednesday, Ramaphosa said the full trade potential between the five countries is not met.

He further noted that South Africa is open for investment and there is a need for value-added trade between the BRICS countries.

“There’s also much scope to expand the value of trade between BRICS countries themselves. As a country that’s primarily an exporter of commodities to its BRICS partners, South Africa supports a shift towards complementary value-added trade.”

WATCH: 10th BRICS Summit official opening

This year, heads of state from other African and developing countries were also invited to participate.

A key theme of the summit is inclusive growth and technological advancements.

Earlier Chinese President Xi Jinping told the BRICS gathering that members should reject the global trade war because there will be no winner.

Jinping was addressing the BRICS Business Forum in Sandton on Wednesday.

He's also told members that they should reject unilateralism outright.

Trade and Industry Minister Rob Davies said South Africa is becoming collateral damage in the United States' trade wars.

The BRICS Summit will also hear remarks by Russia's Vladimir Putin, India's Narendra Modi, President Cyril Ramaphosa and Brazil's Michel Temer.

A number of trade and cooperation agreements are expected to be signed on the sidelines of the BRICS summit.