July 25, 2018•Update: July 31, 2018
By Hassan Isilow
JOHANNESBURG
The 10th annual BRICS Summit opened in South Africa Wednesday with Chinese Premier Xi Jingping urging steps to avoid global trade wars.
BRICS is a regional bloc comprising five countries -- Russia, India, Brazil, China and South Africa.
Speaking at the summit, Chinese Premier Xi Jingping said: “Emerging markets and developing nations contribute about 40 percent to global economy”.
He said trade wars should be avoided since “there can be no winner”.
He also said Africa had more opportunities and BRICS nations should help African countries develop.
The Chinese leader advised BRICS members to put people first in their decision making as well as protect the environment.
The three-day summit has brought together over 100 delegates and many world leaders, including Turkish President Recep Tayyip Erdogan, who was invited in his capacity as the chairman of the Organization of Islamic Cooperation (OIC).
China, a major player in BRICS, has been trading with African countries for several years. China is South Africa’s largest-trading partner in the continent.
On Tuesday, China pledged to invest $14.7 billion in South Africa.
“China is ready to invest and work with South Africa in various sectors such as agriculture, trade and technology,” South African President Cyril Ramaphosa said.
