"As we celebrate the 15th anniversary of BRICS, trade between BRICS countries totaled $762 billion last year. Foreign investment has played an important role in the growth of BRICS economies. Total annual foreign direct investment into BRICS countries is four times greater than it was 20 years ago," Ramaphosa stated during the bloc's annual top-level summit, which is taking place from Tuesday to Thursday in Johannesburg.
The economic growth of BRICS countries "must be underpinned by transparency" as well as "be compatible with a multilateral trading system that supports a developmental agenda," the president of South Africa, which chairs the bloc in 2023, noted.
"We require a fundamental reform of the global financial institutions, so that they can be more agile and responsive to the challenges facing the developing economies," the head of state stressed.
BRICS's New Development Bank is leading the way in this area as it has demonstrated ability to mobilize resources for infrastructure and sustainable development in emerging economies ever since its establishment in 2015, Ramaphosa added.