By Bitcoin.com - 9 months ago - Reading Time: 3 minutes
Deeper Ties With BRICS Should Not Jeopardize Relations With the West — South African Business Association Leader
South Africa’s economic well-being is dependent on trade relations with the West, and therefore attempts to bolster relationships with BRICS must not be at the expense of ties to the West, the leader of a South African business association has said. The leader also singled out the African country’s trade with China which she said is more aimed at maintaining the latter’s “access to our raw materials.”
South African Economic Well-Being Tied to Trade With the West
According to Busi Mavuso, the CEO of Business Leadership South Africa (BLSA), South Africa’s relationship with the BRICS (Brazil, Russia, India, China, and South Africa) economic bloc “must not come at the expense of our relationships with the West.” Mavuso added that while the “opportunities in the East are clear,” South Africa’s economic well-being is still dependent on its trade relations with Western countries.
The remarks by the leader of one of South Africa’s influential business lobby groups come amidst growing concerns that South Africa is increasingly gravitating away from the West. To compound matters, the South African ruling African National Congress (ANC) party’s refusal to back Western sanctions against Russia has sparked fears that the country may be slapped with retaliatory sanctions.
The prospect of sanctions, which may come in the form of lost access to U.S. and Western European markets, has prompted business leaders including Mavuso to voice their displeasure with the way South African politicians are handling relations with the West. For instance, in her op-ed published by Moneyweb, Mavuso criticized comments that were made by Nkosazana Dlamini-Zuma, a minister in South Africa’s presidency.
Putin’s No-Show at BRICS Summit a Win for South Africa
The CEO argued that Dlamini-Zuma’s remarks during the BRICS Youth Summit had seemingly portrayed the bloc “as a competitive pole in the world against the West” instead of an alliance which seeks to bolster the “development and cooperation of its members.” Although she acknowledged the importance of South Africa’s trade with BRICS member countries like China and India, the BLSA boss nonetheless accused the minister of ignoring the trade’s lopsided nature. She said:
She did not pause to consider that our relationships with India and China are overwhelmingly characterised by South Africa exporting raw materials and importing manufactured goods. She ignored that it is Europe and the United States that import by far the majority of our manufactured goods, including vehicles and machinery made here – the kinds of goods that drive industrial activity and add more value to our economy.
Mavuso added that South Africa should be focused on making its trading relationship with BRICS countries more balanced and not alienating its trading partners in the West. She also singled out the African country’s trade with China which she said is more aimed at maintaining the latter’s “access to our raw materials.”
Concerning Russia, Mavuso said South Africa “must be careful not to suggest that our relationship with Brics implies an endorsement of Russia.” She also described the announcement that Russian President Vladimir Putin will not be attending the BRICS summit in August as a positive development for South Africa.
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Original source: Bitcoin.com