Maite Nkoana-Mashabane (Photo/provided to People's Daily Online)

Ms Maite Nkoana-Mashabane, Minister of International Relations and Cooperation, Republic of South Africa, gave an interview to People's Daily Online about what BRICS has achieved over the years and the benefits it has brought about to the economic bloc.

Below are her major points:

The key achievements of BRICS that reflect the main benefits for South Africa include the first BRICS financial institutions that were created in 2014, namely, the New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA). The historic decision to create these institutions has significantly changed the global order. These institutions are intended not only to complement the existing architecture, but also to leverage the resources of the Global South to directly address the needs and shortcomings of emerging and developing countries in terms of infrastructural and sustainable development needs. The BRICS foreign reserves are estimated at around $4 trillion.

The NDB will assist BRICS and other developing countries by investing in crucial sectors of their economies, such as infrastructure and sustainable development projects.

Notable achievements include the signing of the founding agreement of the NDB, which paved the way for the opening of the Bank's head office in Shanghai, China. The issuance of the first set of loans—amounting to $1.5 billion in total—to fund renewable energy projects in member countries is a significant step forward. The CRA will provide an additional safety net. The first regional office of the NDB is the Africa Regional Centre (ARC), located in Johannesburg. It is now officially open and operational.

The Bank's very first green bond issuance in the Chinese capital market, mobilizing about $450 million in the process, is also noteworthy and most recently the approval of a general strategy that will guide the Bank's operations over the next five years demonstrates that we are on the right path.

Bilateral trade between member countries has also been growing. For example, trade relations between South Africa and China continue to grow in strength, symbolized by the South African trade exports to China, which annually amounts to over 100 billion rand, while South African imports from China amounts to over 167 billion rand. Total trade between the two countries in 2014 amounted to 262 billion rand.

China's total investment into South Africa is valued at approximately 120 billion rand, with over 100 state-owned entities and multinational companies investing in South Africa.

In previous BRICS summit events, including the BRICS Business Council and the leaders' meetings, projects of interest to South Africa and the Continent were profiled. These projects include insurance and reinsurance cooperation; BRICS Seed Bank; infrastructure, including electricity generation and transmission; BRICS Cable Project; African Union North-South Development Corridor; the ocean economy; cooperation in aviation; and manufacturing.

With respect to future agreements of BRICS, the group's leaders have expressed interest in working toward the establishment of the BRICS Railways Research Network, the setting up of the BRICS Sports Council, and the conclusion of a memorandum of understanding on the environment. Leaders have also considered the concept of an independent rating agency.

South Africa is pleased that the BRICS agenda has solidified over the years and is further affirmed by the four key focus areas as identified by China, namely, a BRICS partnership that upholds world peace; partnership that promotes common development; partnership that carries forward the diversity of civilizations; and partnership dedicated to improved global economic governance.

BRICS countries produce a third of the world's industrial products and half of all agricultural goods. The human resources base constitutes 43% of the global population, a significant consumer market with growing demand for modern goods and services.

Intra-BRICS trade has grown by 70% since 2009. BRICS countries attracted 20.5% of global total direct investment in 2014, compared to only 16.9% in 2009. The share of BRICS capital investment on the global markets has also increased significantly from 9.7% to 14%. Over the past decade, the BRICS economic aggregate has soared from 12% of the global total to 23%, and its share in international trade increased from 11% to 16%. This is largely due to China's leadership, economic strength, and influence.

Global growth, which is estimated to have slowed in 2016 to a post-crisis low of 2.3%, is expected to rise to 2.7% this year, mainly driven by improvements in emerging market and developing economies, as led by China:

China, even though experiencing slowing growth, still propels the global economy with growth above 6%; and India shows signs of a robust growth trajectory as illustrated by its 7.6% growth.

The advanced economies of North America (the United States) and Europe (Britain, France, etc.) illustrate a growth rate of 1.8% for 2017.

However, BRICS leaders remain concerned with the slow pace of the reform of the IMF and see an urgent need to implement, as agreed, the 2010 IMF Governance and Quota Reform. The Bretton Woods system was adapted to reflect the weight of major new economic powers, with the U.S. Congress approving the 2010 IMF Reform Package. In this regard, China's voting share will increase from 3.8% to 6% (China will have the third largest IMF quota and voting share after the US and Japan). This is a positive development for us.