South Africa pledges commitment to BRICS

CAPE TOWN - The South African government on Tuesday pledged its commitment to the BRICS goal of growth, sustainable development and prosperity.

"BRICS is a platform for dialogue and cooperation amongst countries that represent 43 percent of the world's population," said Minister of International Relations and Cooperation, Maite Nkoana-Mshabane.

"The platform strives to promote peace, security and development in a world that is multi-polar, inter-dependent, increasingly complex and globalizing."

South Africa and its fellow BRICS partners - Brazil, Russia, India and China - share a common vision to enhance economic growth, employment, fight against poverty and the economic transformation, Nkoana-Mshabane said, adding that the countries also work towards a more equitable global political and economic system.

The minister also announced that South Africa will host the fifth BRICS summit with a ?theme of "BRICS and Africa-Partnership for Development, Integration and Industrialisation" in March 2013 in Durban, KwaZulu-Natal Province.

"Our combined nominal gross domestic product (GDP) is estimated at $13,7 trillion and between 20 percent and 25 percent of global GDP, as well as combined foreign reserves estimated at $4 trillion. BRICS accounted for approximately 11 percent of global annual foreign direct investment (FDI) flows in 2012 ($465 billion) and 17 percent of world trade," she said.