Ramaphosa urges BRICS counterparts to band together against "seismic shifts" in global trade

CAPE TOWN - President Cyril Ramaphosa has urged his BRICS counterparts to band together against what he termed seismic shifts in global trade that are threatening the economies and livelihoods of developing nations.

Without naming the United States directly, Ramaphosa on Monday referred to unilateral tariff actions that he said are setting back emerging economies.

Ramaphosa made the remarks during a virtual heads of state meeting to discuss current geopolitical and economic issues, called by Brazilian President Lula da Silva.

President Cyril Ramaphosa said the shift from a unipolar to a multipolar world is being marked by intensifying global competition and growing geopolitical tensions.

The United States recently slapped many developing nations with hefty trade tariffs, with BRICS nations like Brazil among the highest with 50% while South Africa’s tariff has been set at 30%.

Ramaphosa has told his BRICS partners that the uncertainty of the new trading regime has already negatively affected employment levels in South Africa and is an obstacle to economic growth.

"The progress and economic dynamism of emerging economies is being undermined by disruption and chaos. This global trading crisis provides a great opportunity for us to do things differently."

Ramaphosa has committed South Africa’s support for reform at the World Trade Organisation and said his BRICS partners should do the same.