JOHANNESBURG - The BRICS alliance has become a distinct global brand with the five developing nations becoming advocates of free global trade, globalisation and promoters of protection for the environment in light of global climate challenges, host country South Africa's national marketing agency said at an annual summit on Wednesday.
Brand South Africa said between 2009 and 2017 BRICS countrues, namely Brazil, Russia, India, China and South Africa, had made a total of 406 commitments and implemented 70 percent of decisions made at annual summits.
"The development of the BRICS brand takes place in a post-global financial crisis world characterised by growing protectionism, trade wars and turbulent political change," Brand SA general manager for research Petrus de Kock said.
"The developments in the global economy and geopolitical environments play a major role in driving the search for strengthened, deepened and institutionalised BRICS interactions. BRICS nations have been bucking these global trends of anti-globalisation and counter-integrationist discourses and as a result, have anchored their own economies through the BRICS partnerships."
South Africa is hosting the 10th BRICS summit in Johannesburg from July 25 - 27 against the backdrop of a brewing trade war between the United States and China, Canada, Mexico and the European Union over tariffs which has also hit developing countries.
Brand SA said BRICS countries connected 42 percent of the world’s population and were establishing new institutions and hosting conversations to create a world where "bricks are there to build bridges of mutual understanding, and not create walls of division, conflict, exploitation, nationalism, prejudice and exclusion".