Johannesburg, Aug 25 (PTI): South African President Cyril Ramaphosa on Thursday called for a reform in the world's economic, financial and political governance, including the multilateral trading system, saying the entire Global South has the right to fully reap the benefits of world trade and investment.

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

He said while many countries of the Global South are seeing significant progress in industrialisation, technological development, innovation and digital economy, they are not fully reaping the economic benefits.

"It is the right of Africa and the entire Global South to fully reap the benefits of global trade and investment. Without trade 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 the multilateral trading system, so that we create a conducive environment for fair trade," he added.

Ramaphosa said the purpose and role of BRICS in the world today was reminiscent of the Bandung Conference of 1955, where Asian and African nations demanded a greater voice for developing countries in world affairs.

"The Conference called for the recognition of the 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 together underpinned by mutual respect," Ramaphosa said.

He said the 15th BRICS Summit and the Dialogue should strive to advance the Bandung spirit of unity, friendship and cooperation, likening it to the African concept of Ubuntu – 'I am because you are'.

"Ubuntu is a practice based on the understanding that our success, prosperity and wellbeing depend on the success, prosperity and the well-being of others," the president said.

"We see the BRICS partnership as a catalyst for global growth and development that responds to the needs of all nations," he said as he called for the African continent's substantial resources to be harnessed for the benefit and development of its people.

"The African Continental Free Trade Area, once fully operational, will unlock the benefits of the continental market and generate substantial opportunities for Africa and other countries. To make use of these opportunities, Africa is looking to the BRICS partnership to unlock infrastructure and development financing," Ramaphosa said, adding that this was part of the founding vision of the New Development Bank.

The Bank is playing a leading role in efforts to increase the resilience of the Global South and to bring fairness to global trading and financial systems by strengthening the use of BRICS currencies, Ramaphosa said. PTI FH TIR TIR

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