Head of SA Business Unity Economic Policy Calls For Exploring Trade Opportunities With Russia

BRICS is a platform for like-mined nations to promote their interests, Lunga Maloyi, head of Economic policy at Business Unity South Africa, told Sputnik Africa during the 15th BRICS Summit.

"I think we play a pivotal role in terms of determining our own future, and so we should be given the space for us to be able to explore that. I think BRICS is one of those alternatives. And BRICS gives us the opportunity to be involved with countries that have a like-minded agenda that that promotes the interest of the global South, and that inherently will hold those interests in high regard and promote those interests. Anything that speaks to our own development, but also to the development of our peer nations is something that we would always support," Maloyi has said.

The official stressed that it is a question of the utmost importance for Africa to unveil possible trade opportunities both in the BRICS bloc and on the African continent.

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South Africa is highly interested in growing trade with other BRICS member-states, especially with Russia, he said.

"I think in South Africa, we have a vested interest in growing trade with some of the BRICS countries. And as we've heard today, there still exists a trade deficit between South Africa and the other BRICS countries. Now, China is one of our leading trading partners in the world, but also we have a vested interest in exploring new trade opportunities, specifically with a country like Russia, which I think in terms of these different sectors such as agriculture, transport and logistics, and new energy equipment and technologies that are very, very important for us as a South African economy. And part of our trade and growth aspirations is that we need to strengthen those trade relations between ourselves and the BRICS nations," the official stated.

Moreover, according to Maloyi, trading in national currencies will make intra-African trade easier, supporting the growth of the continent's economies.

He elaborated: "Firstly, I think the head of the AfCFTA has made a very interesting point around the payment system that they hope to introduce, which in itself will be a lever for better trade between African countries. I think, in terms of the various policy instruments that are available to improve trade, one of them is obviously getting around the various multiplicity of currencies that we have within the continent. It's important that we start to explore alternatives to central currencies such as the dollar. We are seeing some of those solutions coming to the fore right now. I think it's good for us as a country, it's good for us as a continent. And I think it's a good signal for the changing kind of global order in terms of the way in which we do trade. And I think it can only benefit African countries in the future."

He noted that he is not necessarily advocating "for a system that will do away with the current multilateral agreements that we have in the world". But, according to him, "for there to be a variety and for us to explore other avenues that are possibly available for our development will always be a good thing for Africa."