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South Africa in the BRICS Opportunities, Challenges and Prospects1

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South Africa in the BRICS Opportunities, Challenges and Prospects1 South Africa in the BRICS Opportunities, Challenges and Prospects1 This study investigates the participation Introduction of South Africa in the BRICS group from an analytical perspective. It is argued South Africa was granted an invitation to that South Africa’s membership to this join the Brazil, Russia, India and China (BRIC) group entails both opportunities and grouping2 on 23 December 2010 by the Minister challenges for South Africa, the continent of Foreign Affairs of the People’s Republic of and the system of global governance. We China, Yang Jiechi. The announcement was seek to flesh out the potential medium- made by South Africa’s Minister of International and long-term implications as well as Relations and Cooperation, Maite Nkoana- the benefits and risks of South Africa’s Mshabane, after months of lobbying by South membership in the areas pertaining to African President Jacob Zuma, who marketed trade, foreign policy and development. the country as the gateway to Africa. Zuma has maintained that this is an important group to be part of, given that the emerging economies have a significant role to play in restructur- ing political, economic and financial institu- tions to become more equitable and balanced.3 Hany Besada, Evren Tok Participation in the group provides, according to and Kristen Winters the South African government, economic ben- efits such as increased trade and investment op- Hany Besada is Research Specialist, United Nations High portunities as well as political benefits, such as Level Panel Secretariat, Post-2015 Development Agenda & increasing its voice in the international sphere. Theme Leader and Senior Researcher: Governance of Natural Resources at the North-South Institute (NSI) in Ottawa, Canada. The third BRIC summit, held on 14 and 15 He is currently pursuing a PhD in Politics and International April 2011 and attended by President Zuma, Studies at the University of Warwick in the United Kingdom. heralded the transformation of BRIC to BRICS Dr Evren Tok is Assistant Professor for Public Policy in the Islam Programme at the Hamad Bin Khalifa (Brazil, Russia, India, China and South Africa). University, Faculty of Islamic Studies, Doha/Qatar. The countries called for reforms in international Kristen Winters is a Research Assistant, North South Institute. financial mechanisms, and greater cooperation © Africa Institute of South Africa AFRICA INSIGHT Vol 42(4) – March 2013 1 South Africa in the BRICS | Hany Besada, Evren Tok and Kristen Winters in fields ranging from finance and business to ● Reducing distortion and further regulating science and technology. South African Trade the financial market and Industry Minister, Rob Davies, indicated ● Expanding and deepening economic, trade that the BRICS countries would benefit from di- and investment cooperation among the rect trade in their own currencies, which would BRICS countries.6 protect them from volatile international con- vertible currencies, for example the US dollar.4 The development banks of the five nations also South Africa’s Contribution signed a framework agreement on cooperation to the BRICS among their national financial development institutions to establish mutual credit lines to There is little consensus not only on the im- be denominated in local currencies. The China plications of South Africa’s admittance to the Development Bank was the first institution to group, but on precisely what the grouping is respond to the new measures, outlining its in- and its potential effect on international affairs. tention to lend 10 billion yuan to Brazil, Russia, The invitation was met with surprise and in- India and South Africa. There is no information comprehension by many analysts puzzled by yet forthcoming on the precise terms of the loan the admittance of such a smaller economy, con- or exactly how the money will be allocated and sidering there were stronger contenders than on which projects, but such loans are likely to South Africa as the newest member; for exam- focus on large oil and natural gas projects.5 ple Mexico, South Korea and Turkey. There has The BRICS meeting concluded with the sign- been widespread speculation about the nature ing of the Sanya Declaration, outlining the major of the association; the motivations for the in- commitments and areas of agreement discussed vitation, be they financial or political; what at the summit, among which were the following: it will mean; and what effect it will have on ● A broad-based reserve currency system South Africa and the continent as a whole. which provides stability and certainty Some observers contend that it is difficult ● Discussion about the global role of Special to immediately perceive how South Africa Drawing Rights (SDR), the accounting unit could easily fit into the BRIC group.7 The inclu- of the International Monetary Fund (IMF) sion of South Africa changes the dynamics of a and the SDR’s basket of currencies (now group that has impacted global economic mar- comprising the US dollar, the euro, the yen kets over the last 10 years and estimated by and the pound sterling) Goldman Sachs to have contributed to over a ● Establishing mutual credit lines denominat- third of global growth in gross domestic prod- ed in their home currencies among the state uct (GDP) over the last decade.8 With a GDP of development banks of the group approximately one-sixteenth of China’s out- ● Reform of international institutions such put, an annual growth rate of 2,8 per cent in as the IMF, with the UN Security Council re- 2010 (compared to 10,3 per cent for China, 9,7 flecting the interests of emerging and devel- per cent for India and 7,5 per cent for Brazil) oping countries and a population of 50 million (compared to ● The importance of renewable energy and China’s 1,3 billion and India’s 1,2 billion), atomic energy technologies as a key element South Africa has significantly less economic of development power than the other members.9 South Africa 2 AFRICA INSIGHT Vol 42(4) – March 2013 © Africa Institute of South Africa South Africa in the BRICS | Hany Besada, Evren Tok and Kristen Winters has a nominal GDP of US$286 billion, far be- on services, mining and manufacturing, can ri- low that of the other members: Brazil (US$1 val the majority of Organisation for Economic trillion), India (US$2 trillion), Russia (US$1,6 Co-operation and Development (OECD) states. trillion) and China (US$5,5 trillion).10 China As a middle-income country with a per capita and India are ranked as the top two in The gross national income (GNI) of US$6 100,19 its Economist’s ranking of the 10 fastest-growing largely affluent white population have long economies from 2011 to 2015, seven of which reaped the benefits from the control of a com- are located in Sub-Saharan Africa, but South petitive and robust economy, characterised by Africa is not even included.11 The country also an abundant supply of mineral resources; well- has not achieved the improvements in living developed legal, energy, financial, and commu- standards or sustained levels of economic nications and transportation sectors; a modern growth and job growth that is characteristic of infrastructure that supports an efficient distri- the original BRIC countries.12 bution of goods and services to major urban According to the World Bank,13 South Africa’s centres throughout the country; and an active medium-term growth prospects are improving, stock exchange that ranks among the top 20 in with GDP projected at 3,5 per cent in 2011; 4,1 per the world. cent in 2012 and 4,4 per cent in 2013. The chal- At the other level, South Africa is a coun- lenge is to generate higher and more inclusive try plagued with severe inequalities, pervasive growth in the country, raise GDP growth to 6–7 poverty and high unemployment. The OECD’s per cent, and tackle the high unemployment rate. 2010 Economic Survey of South Africa outlined Despite an economic presence far below several concerns about the economy: high lev- that of the other members, South Africa’s per els of continued unemployment,20 growing du- capital income is larger than that of both China alism in labour markets, and low levels of en- and India,14 and it has one of the highest ra- trepreneurialism among the black population.21 tios of market capitalisation in the world.15 In theory, the invitation represents an op- According to Martins,16 South Africa enters the portunity for South Africa to participate in the group not as a middle-income country but as restructuring of global, political, economic and the most powerful economy on a fast-growing financial structures to produce a more equitable continent. South Africa’s participation in the and inclusive system. To some detractors, how- group, to President Zuma, means that the entire ever, South Africa is a lightweight in the global continent of Africa, with a population of over economic arena in comparison to the other mem- one billion, is now represented (Wong, 2010).17 bers, and despite its trading relationship with Trade and Industry Minister Davies explained China, its membership in the group is unlikely to the country’s membership in the grouping like significantly benefit them.22 The next section ex- this: ‘The African continent is the next great amines the strengths and weaknesses of South economic story. We are quite small but, when Africa’s inclusion in the grouping, its potential we look at the African continent as a whole, the for shaping the agenda of the group and the im- numbers start to add up’.18 plications not only for the country but also for South Africa has a two-tiered economy.
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