PRETORIA,Sept.22 (NNN-SAnews) - Cabinet has approved the draft Brics (Brazil, Russia, India, China, South Africa) Strategy.
"Cabinet approved the draft Brics strategy which builds on the fourth Brics Summit outcomes. The strategy is to guide the engagement of South Africa by identifying objectives and opportunities within this group of member countries. It unpacks the three levels of engagements at a domestic, regional and international level," said Phumla Williams, acting Cabinet spokesperson on Friday, following this week's ordinary Cabinet meeting.
Cabinet further approved an Inter-Ministerial Committee to provide direction on the preparation for hosting the 5th Brics Summit in South Africa in March 2013.
In March, President Jacob Zuma welcomed the Delhi Declaration issued by leaders of Brics, saying it will invigorate their collective resolve to find global solutions to global challenges.
The declaration was issued after the fourth Brics Summit, which was held in New Delhi, India.
It highlights the possibility of establishing a new Development Bank for emerging economies and developing countries; the roles of the International Monetary Fund (IMF) and the World Bank; the Doha Round of trade talks; the situation in the Middle East and North Africa - particularly Syria, Iran, and Afghanistan; energy and efforts to fight terrorism, as well as the humanitarian crisis in the Horn of Africa.