Ramaphosa calls for reform of World Trade Organisation rules

President Cyril Ramaphosa has called for the reform of World Trade Organisation (WTO) rules as well as those of global financial institutions.

He was speaking at the close of the BRICS Business Council in Sandton Johannesburg.

Ramaphosa has lauded the fact that BRICS, on its 15th anniversary, boasts trade amongst its member countries of 162 billion US dollars in 2022 and total annual foreign direct investment into BRICS countries is four times greater than it was 20 years ago.

However, Ramaphosa says these gains have been undermined by a new wave of protectionism.

“We, therefore, need to reaffirm our position that economic growth must be underpinned by transparency and inclusiveness. It must be compatible with a multilateral trading system that supports a developmental agenda. We require a fundamental reform of the global financial institutions so that they can be more agile and responsive to the challenges facing developing economies.”

BRICS Business Forum:

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