Opportunities, Challenges and Prospects of South Africa in the BRICS

Abstract

South Africa was the last country to be included in the BRIC(S) grouping during December 2010. This development initially generated much skepticism due to the significant differences from the other members of the grouping especially in terms of GDP, population size and overall importance in the global financial landscape. Indeed, if one omits the ‘political’ dimension of the BRICS, Mexico or Nigeria are found as more suitable members. But South Africa can be viewed as the representative of Sub-Saharan Africa (leader of Southern African Development Community—SADC, prominent member of the African Union—AU) while being the only African country in G20 which also enjoys special ties with the EU due to its history and current EU policies. And even in financial terms, South Africa is reported as the world’s richest country in terms of mineral reserves while it has a highly developed and modern financial system. Overall, the political aspirations of Pretoria seem not to be achievable via just the enhanced status given by its position within the Sub-Saharan Africa system while the BRICS membership appears to be the key. As part of a push for transforming the global governance structures towards being more responsive to developing world’s voices, South Africa can expect a better placement in global order while its inclusion offers the BRICS initiative the view that its agenda represents the welfare of the developing world as a whole.