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Trade Law Chambers attends Fifth BRICS Summit in Durban

The directors of Trade Law Chambers recently attended the fifth BRICS Summit held in Durban as business delegates. This was the first time that a BRICS Summit was held on African soil.

The BRIC grouping of developing countries, consisting of Brazil, Russia, India and China, invited South Africa to join the group in 2010. South Africa formally joined the group in December 2010, after which it became known as the BRICS. The BRICS group is an international forum encouraging commercial, political and cultural cooperation between the BRICS nations in an effort to reduce the dependence of developing countries on the West.

The Summit brought together the Heads of State and other high level government officials including the Ministers of Trade of all the BRICS members, but also provided a platform for business from all BRICS members to network and to increase business and trade between the members. The BRICS Business Council was also launched at the Summit, which has as its main aim the strengthening of trade and investment relations between the five BRICS members.

The Business Council's objectives include the strengthening of trade relations, promoting business relations, technology transfer and co-operation in the areas of skills development, banking, the green economy, manufacturing and industrialisation. The Council will co-ordinate the interaction between member states' governments and their private sectors, in order to identify concerns that business might have with regard to obstacles to trade and investment between these countries.

South Africa is also hosting a BRICS Trade Exchange in October this year in Johannesburg which will bring together business leaders from all BRICS countries in an effort to further promote trade and investment between South Africa and the BRICS nations. The Trade Exchange will focus on sectors of growth and opportunity in each of the BRICS countries, including manufacturing, services and agriculture, energy, infrastructure, mining beneficiation and healthcare, construction and water provision and the green economy and tourism.

Niel Joubert
© Trade Law Chambers 2013

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