BRICS at inflection point amid global economic shifts; opportunity to shape resilient, inclusive Global South: S African President

Addressing the Leaders' Session of the BRICS Business Forum here, Ramaphosa said countries and companies are being compelled to reconsider where they source, produce and invest as the global economic landscape undergoes significant changes.

"As BRICS, we find ourselves at an inflection point. As the global economy is reshaped, as trade patterns shift, as technological advances accelerate, and as climate pressures increase, countries and companies are compelled to reconsider where they source, produce, and invest. For us, this is an opportunity to shape a more resilient, diversified and inclusive economic future for the Global South," he said.

Ramaphosa also stressed the need for BRICS countries to move beyond simply increasing trade among themselves and instead deepen productive economic relationships.

"For too long, developing economies have participated in global value chains mainly as suppliers of raw commodities and consumers of goods that are made elsewhere. Value creation, technology and higher-value manufacturing remained concentrated elsewhere. We should not reproduce that pattern within the expanded BRICS. Our ambition must extend beyond increasing intra-BRICS trade to deepening the productive relationships between our economies," he added.

Highlighting the role of the private sector in advancing economic cooperation, Ramaphosa recalled the establishment of the BRICS Business Council during South Africa's first BRICS presidency in 2013.

"The BRICS Business Council was established during South Africa's first BRICS presidency in 2013, in recognition that economic cooperation cannot be the responsibility of governments alone. As South Africa, we are very proud that we have 120 companies from South Africa represented at this business forum. That is a great achievement," he said.

The BRICS Business Forum is the flagship private sector platform of the grouping and brings together business leaders, Ministers and Heads of State to discuss trade, investment, finance, technology and development challenges shaping the BRICS economic agenda.

The Forum also serves as a platform where key ideas and suggestions from the BRICS Business Council are presented and discussed. Its conclusions and the Business Council's recommendations are regularly reflected in BRICS Summit declarations and follow-up work plans, particularly on intra-BRICS trade, investment, digital economy, MSMEs, standards cooperation and value chain integration.

India is hosting the 18th BRICS Summit in New Delhi under its 2026 chairship. India's Chairship is guided by the theme Building for Resilience, Innovation, Cooperation and Sustainability, with development, sustainability and innovation forming key areas of focus.

BRICS has emerged as an important platform for coordination among major emerging economies and for advancing the interests of the Global South in multilateral institutions. Its agenda covers development, finance, technology, trade and people-to-people exchanges.

The grouping currently comprises 11 countries -- Brazil, China, Egypt, Ethiopia, India, Indonesia, Iran, Russia, Saudi Arabia, South Africa and the UAE.

India's BRICS Chairship comes amid global economic fragmentation, technological disruption, geopolitical uncertainty, climate change and resource pressures. The expanded grouping provides a platform for cooperation on development, climate action, technology, energy and financial resilience, while also contributing to discussions on reforms in global institutions.

For India, the 2026 Chairship is focused on translating the expanded representation of BRICS into meaningful cooperation and tangible outcomes, while building consensus among its diverse members and strengthening the effectiveness of existing mechanisms. (ANI)