In 2010, South Africa joined the BRICS bloc: Brazil, Russia, India, China, and South Africa. BRICS is an association of regional powers across four continents, originating from an informal alliance in trade negotiations. So far, members have signed agreements among others on customs, energy efficiency, and tax. They have also set up a joint development bank, designed principally to finance infrastructure.
This paper provides background on the BRICS economies to deepen understanding of the bloc’s potential and limitations. To that end, it first reviews the main trends in the member economies. It then analyses their production structure. A more detailed section on trade relations within the bloc follows, with a focus on trade between South Africa and the other members. A final section lists major recent intra-BRICS investment projects.
The analysis does not include the new BRICS members (Saudia Arabia, Egypt, the United Arab Emirates (UAE), Iran and Ethiopia) that joined the group on Monday 1 January 2024.
Michael Hector holds a PhD in Political Science from Stellenbosch University, where his research focussed on the green economy and environmental governance in South Africa. Specifically, his thesis studied the use of ecological modernisation and market mechanisms (and the implementation thereof) in South Africa’s environmental and waste management policies. Following his Phd, Michael did a short post-doc at Stellenbosch University (Department of Political Science), while lecturing Global Political Economy and Foreign Policy.
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Josephilda Hlope works at the Department of Planning, Monitoring and Evaluation. She is currently Outcome Facilitator responsible for Social Protection and Social Cohesion and leads engagement on the G20 Development Working Group. She served as Chief Policy Analyst in the Advisory Services Directorate Economic in the Presidency from 2008 to 2010, and was a member of the National Planning Commission Secretariat for the NDP in the Presidency from 2010 to 2014. As part of her career, she has developed evidence-based policies and programmes, streamlined monitoring and evaluation processes, and implemented innovative national development strategies. She has authored papers and participated in summits on policy analysis, policy design, and programme implementation throughout her career. She holds a Bachelor of Arts in Social Science (Economics and Statistics) from the University of Swaziland, Eswatini, a Master of Arts in Population and Development (Development Economics) from Institute of Social Science: Erasmus University, The Hague Netherlands, and an M.B.A. in Business Administration from Henley Business School: University of Reading, United Kingdom.