The country’s trade is skewed towards the West, the finance minister said ahead of the Brics summit
at the Union Buildings on Tuesday, Godongwana underlined that South Africa’s trade is still largely skewed towards the West. Taken together, South Africa’s trade with the United States and the European Union dwarfs that with China, which has positioned itself as Washington’s main opponent in the battle for world economic primacy.The state visit comes ahead of the official opening of the 15th, taking place in Sandton, Johannesburg.
In a research note released ahead of the summit, Standard Bank noted that “a primary task that is uncontested amongst the Brics is the need to create mechanisms “Without doubt, China is keen to push for change in the international monetary system,” the research note added. Currency internationalisation efforts in China have helped prompt the world’s slow shift away from the dollar, although the greenback has maintained its dominance. In late March, China and Brazil reportedly struck a deal to do away with the dollar and to favour their own currencies in trade transactions.
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