Global South has right to fully reap benefits of world trade and investment: SA President Ramaphosa

South African President Cyril Ramaphosa on Thursday called for a reform in world's economic, financial and political governance, including multilateral tring system, saying entire Global South has right to fully reap benefits of world tre and investment.

He told this to leers from almost 50 countries at BRICS-Africa Outreach and BRICS Plus Dialogue that ended three days of BRICS 2023 Summit here on Thursday.

He said while many countries of Global South are seeing significant progress in industrialisation, technological development, innovation and digital economy, y are not fully reaping economic benefits."It is right of Africa and entire Global South to fully reap benefits of global tre and investment. Without tre and investment our economies cannot thrive and our people's material conditions cannot improve," Ramaphosa said.    "

We have to reform global economic, financial and political governance, including multilateral tring system, so that we create a conducive environment for fair tre," he ded.

Ramaphosa said purpose and role of BRICS in world today was reminiscent of Bandung Conference of 1955, where Asian and African nations demanded a greater voice for developing countries in world affairs.
" Conference called for recognition of equality of all nations, large and small. We still share that common vision of a fair and just world. We still seek to overcome polarity and division. We want a world without barriers between North and South, East and West. We still seek a world in which we work toger underpinned by mutual respect," Ramaphosa said.
He said 15th BRICS Summit and Dialogue should strive to vance Bandung spirit of unity, friendship and cooperation, likening it to African concept of Ubuntu – 'I am because you are'.
"Ubuntu is a practice based on understanding that our success, prosperity and wellbeing depend on success, prosperity and well-being of ors," president said.
"We see BRICS partnership as a catalyst for global growth and development that responds to needs of all nations," he said as he called for African continent's substantial resources to be harnessed for benefit and development of its people.
" African Continental Free Tre Area, once fully operational, will unlock benefits of continental market and generate substantial opportunities for Africa and or countries. To make use of se opportunities, Africa is looking to BRICS partnership to unlock infrastructure and development financing," Ramaphosa said, ding that this was part of founding vision of New Development Bank.
Bank is playing a leing role in efforts to increase resilience of Global South and to bring fairness to global tring and financial systems by strengning use of BRICS currencies, Ramaphosa said.