Finance Minister Enoch Godongwana has affirmed South Africa’s commitment to advocating for the principles of the African Continental Free Trade Area (AfCFTA) within the expanded BRICS group. The AfCFTA, recognised as the world’s largest free trade area, encompasses 55 African Union countries and eight Regional Economic Communities, forming a single continental market with a population of approximately 1.3 billion and a combined GDP of $3.4 trillion (R64 trillion).
The AfCFTA Secretariat, in collaboration with the World Economic Forum (WEF), has unveiled the inaugural AfCFTA Private Sector Action Plan. This plan involves the collaboration of 12 industry giants, pledging to undertake transformative projects across various sectors such as automotive, agriculture and agro-processing, pharmaceuticals, logistics, and transport. These commitments, valued at $130 billion, mark a significant stride toward realizing the full potential of intra-African trade and development, according to AfCFTA Secretary-General Wamkele Mene.
Finance Minister Godongwana emphasized the concurrent significance of the AfCFTA and the expansion of the BRICS bloc for the South African economy. The BRICS group, comprised of Brazil, Russia, India, China, and South Africa, has recently expanded to include additional members such as Saudi Arabia, Iran, Ethiopia, Egypt, and the United Arab Emirates.
South Africa’s commitment to championing AfCFTA principles within BRICS reflects the nation’s dedication to fostering economic cooperation and integration. The simultaneous occurrence of these developments underscores the strategic importance of aligning regional and global economic initiatives, positioning South Africa at the forefront of driving intra-African trade and strengthening ties within the broader emerging markets community.
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Godongwana vows SA will champion AfCFTA within expanded BRICS
