re posted from BUSINESS TECH
South Africa’s Minister of Finance, Enoch Godongwana has called on emerging economies to reshape their trade patterns, urging for a ‘delink’ from economic dependence on the West.
This comes as BRICS+ nations eye a stronger foothold in the global economy.
“Our economies, particularly South Africa, have been heavily dependent on the West, so a delinking for us is quite critical, in other words, changing trading patterns,” said Godongwana speaking on a panel about the expansion of BRICS at the World Economic Forum (WEF) in Davos on Thursday.
The theme of this year’s WEF is “Rebuilding Trust”. The forum says that this is because geopolitical conflicts have led to an increasingly fractured and polarised world, which has sent ripples through global supply chains and caused inflation to skyrocket. The summit hopes to rebuild and strengthen trust amongst global stakeholders.
Looking to boost trade for the global South, Godongwana said, “our trade patterns have changed dramatically with Africa. Africa [as a whole] has now become our second biggest trading partner, which is so important for us because it reduces that dependence.”
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