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Benefits And Disadvantages Of BRICS

1128 Words5 Pages

Name: Chiara Gumede
Student no: 201584188
Topic: An analysis of the benefits and disadvantages of South Africa as a member of BRICS.

1) Introduction
The term BRICS is an acronym that represents five countries that are in a collaboration to bring about sustainable economic development. These countries are Brazil, Russia, India, China and South Africa. The group originally began in 2009 as BRIC but later transformed to BRICS in April 2011 due to South Africa’s involvement after the third BRIC summit. South African President and Government viewed this group as path to a prospering economy and political stability. This essay will briefly state BRICS main objectives, review the strong points of the countries that make up the group, discuss the …show more content…

The BRICs aims to Establish solid relationships and cooperation between the states and strives towards developing a country on a social, political and economic basis. ( Besada, Winters & Tok 2013 ), stated that BRICs is a crucial group to be part of because the convergence of all economies have a huge role to play in institutions relating to that of finance or the economy as well as re-amending political …show more content…

It has economically benefited South Africa by increasing trade through exports and imports, brought about investment opportunities, helped with the expansion of sub- Saharan African markets and access to African Markets. South African Infrastructure has increased partly since its involvement with the BRICS group together with income per capita and the states average gross domestic product.
Political benefits include international recognition which allows international financial mechanisms such as debt relief, loans and an increase in tenders for the public sector and more economic cooperation. According to Besada, Tok & Winters (2013: 4), BRICS membership will provide unity in terms of technology, manufacturing, marketing, research as well as exchange programmes for the training of South African citizens. This will secure and stabilise the country’s employment rate for the upcoming years.
Chinas association with South Africa serves as an eye opener for the sceptics in international cooperation. In the technology industry, South Africa has benefited through large investments in technology companies like Motorola, Huawei and many

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