BRICS must reshape global trade and value chains, says Ramaphosa
Ramaphosa urged BRICS nations to avoid repeating traditional value-chain inequalities that leave developing economies dependent on raw commodity exports.
President Cyril Ramaphosa says BRICS countries are standing at an inflection point as the global economy is re-shaped, trading patterns shift and technology advances.
Ramaphosa addressed the BRICS Business Forum Leaders' Dialogue in New Delhi, India.
He says countries and companies are required to reconsider where they source, produce and invest.
“For too long, developing economies have participated in global value chains mainly as suppliers of raw commodities and consumers of goods that are made elsewhere," said Ramaphosa
"Value creation, technology, and higher value manufacturing remained concentrated elsewhere.
"We should not reproduce the pattern, that pattern within the expanded BRICS.
"For us, this is an opportunity to shape a more resilient, diversified, and inclusive economic future for the Global South.”
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