Politics cannot stand in way of BRICS bloc's plans to set new economic agenda - Godongwana

JOHANNESBURG - Finance Minister Enoch Godongwana said the politics of the BRICS alliance could not come in the way of the bloc’s plans to set a new economic agenda. 

The BRICS grouping, including Brazil, Russia, India, China and South Africa, has often been at the centre of concerns about their differing economic and political priorities. 

Tensions between China and India also sparked speculation about the future of the group. 

The bloc’s expansion at last year's summit in Johannesburg to include Egypt, Ethiopia, Iran, Saudi Arabia, the UAE and Argentina has added to concerns. 

Despite the criticism about the politics of BRICS, Godongwana said the bloc’s economic prowess was key. 

"There's also a common agenda that we share. As you can see, most of these countries are not necessarily the same on a number of areas but there is common areas that we would agree in, common view that there needs to be a reform of the multinational institutions." 

BRICS is expected to see a second round of expansion, with Algeria previously tipped to be among countries on the waiting list. 

Godongwana refused to comment on the criteria for new additions but said his only focus was on efficient financial governance. 

"That's largely it on our side and whether it will affect our rating by the banks, so we’re kind of technical on our side, while our colleagues from foreign affairs grapple with those questions."