30 June 2023
The Congress of South African Trade Unions (COSATU) welcomes the announcement by the South African government affirming its hosting of the 15TH BRICS (Brazil, Russia, India, China and South Africa) Summit on the 22nd – 24th August 2023.
BRICS is a growing and influential group of nations bringing together over 3.2 billion people. The BRICS economies, includes some of the largest and fastest growing economies and with over 31% of total Gross Domestic Product is now the largest economic block. Its growing importance in international trade and relations has seen numerous countries across the world and the ideological spectrum applying to join.
BRICS is emerging as a key pillar for an inclusive, just and equitable world order and a foundation for a non-aligned world premised upon multi-lateral engagements to resolve conflicts. BRICS is also important as a platform for the views and interests of emerging and developing nations to be heard and accommodated. All too often the interests of the developing nations of the South have been undermined and ignored by the Bretton Woods institutions of the International Monetary Fund and the World Bank.
BRICS is important for developing economies like South Africa as its members are amongst South Africa’s major trading partners and sources of investment and tourism. The BRICS Bank too has begun to play a positive role in investing in South Africa’s infrastructure needs. The promotion of trade, investment and financing is key to growing South Africa’s economy, addressing our infrastructure backlog, and slashing unemployment and poverty.
COSATU has been involved in the preparations to host the BRICS Summit as COSATU is working with its sister federations to host the BRICS Trade Unions Forum in South Africa. This Forum will take place alongside the Employment Working Group and the Labour Ministerial meeting in September. Further details shall be announced by the BTUF Coordinating Team in the next few weeks.
Issued by COSATU
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