Thaindian News

Johannesburg, April 11 (IANS) BRICS, a group of emerging economies, will change global governance, and benefit Africa through more cooperation, a South African expert said.

BRICS is an acronym for Brazil, Russia, India, China and South Africa. The third summit of BRICS nations will be held in Sanya, on the southern tip of the Chinese Hainan Island, April 14.

“The world has changed since the Cold War, and the infrastructure of global governance cannot remain the same. BRICS members have become global players, especially after the financial crisis in 2008,” Patrick Matlou, chief executive officer of Africa Institute of South Africa, told Xinhua.

South Africa, formally invited to join BRIC at the end of 2010, is the largest economy in Africa, accounting for about a third of the total gross domestic product in sub-Saharan Africa. It is widely regarded as a gateway to the continent, he said.

South Africa has established economic relations with all BRIC countries, particularly China and India, Matlou said, adding that both Asian countries have “tremendously expanded their trade, investment and economic cooperation with different African countries over the past decade”.

Citing an example, he said the Forum on China-Africa Cooperation (FOCAC) and the India-Africa Forum have played a constructive role in boosting the trade and economic relations between Africa and the two Asian countries.

“Africa must get benefit from this relationship. In that sense, African countries should cooperate among themselves and take advantage of some of the reduction in tariffs, while opening up markets of India and China,” Matlou said.

Matlou highlighted three levels of cooperation between BRICS members.

“At the economic level, South Africa seeks to attract more foreign investment to the country. At the same time, South African companies are investing abroad, much of which go to India and China,” he said and suggested direct flights from Beijing to South Africa should be opened to boost tourism.

“At the sports level, South Africa has hosted the 2010 FIFA World Cup. I think there’s a lot (of experience) that can contribute to both Russia and Brazil, which will host the 2014 and the 2018 FIFA World Cup respectively,” he said, adding that China may also share its experience in hosting the 2008 Olympic Games with South Africa, as the latter is bidding for the 2020 Olympics.

“At the academic level, we should encourage joint research programmes on how cooperation can move forward, how China brings poverty down, and why China and Brazil keep growing,” he said.