#BRICS: SA signs $14 billion trade agreements with China

Mikhail Metzel  TASS

India's Prime Minister Narendra Modi arrived on Monday on the way to a summit in South Africa and agreed $200 million in loans.

"With China we signed a loan agreement of $76 million for the road from Huye to Kibeho and for the new Bugesera airport access road it is $50 million", Ndagijimana said.

In the face of growing protectionism globally, South Africa needs to focus on being more competitive rather than fixating on external factors, Fuzile said.

U.S. President Donald Trump earlier on Wednesday accused China of "vicious" tactics on trade, tweeting that China was specifically targeting U.S. farmers with retaliatory tariffs because "they know I love & respect" them.

"We are concerned by the rise in unilateral measures that are incompatible with World Trade Organisation rules, and we are anxious about the impact of these measures, especially as they impact on developing countries and economies", said Ramaphosa.

Mr Trump has said he is ready to impose tariffs on all $500 billion of Chinese imports, complaining that China's trade surplus with the United States is due to unfair currency manipulation.

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The BRICS countries comprise more than 40% of the global population but have never worked as a co-ordinated economic bloc.

President Cyril Ramaphosa criticised countries that act unilaterally in trade deals and discount World Trade Organisation rules in his opening address at the Brics Business Forum in Sandton on Wednesday afternoon.

Thus, the evolution of global governance system will have a profound impact on the development of all countries, particularly emerging markets and developing countries, and indeed on the prosperity and stability of the whole world, he said.

He will participate in the two-day BRICS Summit, whose theme this year is "BRICS in Africa".

"Something that's different about BRICS this year, specifically about South Africa as a host country, is that this initiative is not only about the BRICS member countries, the five countries, but actually, we've seen an outreach of neighborhood countries being invited", she said.

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