Pretoria: The leaders of Brazil, Russia, India and South Africa (Brics) will today gather for a meeting to reflect on the progress made with regards to the implementation of the eThekwini Declaration agreed to at the bloc’s summit in Durban earlier this year.
The leaders, who are meeting ahead of the G20 Leaders’ Summit, will receive progress reports in respect of the New Development Bank and the Contingent Reserve Arrangement.
President Jacob Zuma, accompanied by the Minister of Finance Pravin Gordhan and the Minister of International Relations and Cooperation Maite Nkoana-Mashabane, will then participate in the G20 Summit from tomorrow.
While the objectives of the G20 are to facilitate policy coordination in order to achieve global economic stability and promote long-term sustainable growth, South Africa’s participation is guided by its national interests and the primacy of the African Agenda.
“South Africa therefore seeks to use its participation in multilateral fora such as the G20 to promote and strengthen the interests of the African continent and those of the Southern hemisphere. In this regard, the G20 presents meaningful opportunities for advancing much-needed global governance reforms and orienting the international development agenda,” said the Presidency.
G20 countries account for 85 percent of global economic output, 80 percent of global trade, and two-thirds of the world’s population.
The summit is further expected to focus on a set of measures aimed at boosting sustainable, inclusive and balanced global growth, including the creation of decent jobs.
During its tenure as G20 President, Russia has focused its work on the interconnected issues on the G20 agenda around three priorities, which are intended to promote growth through quality jobs and investment, growth through trust and transparency and growth through effective regulation.