Johannesburg - Emerging markets must determine their own futures and
set up their own institutions, ANC treasurer general Mathews Phosa said
"(There) is a growing view that emerging economies
should shape their own future, create their own institutions," he told
the ANC Progressive Business Forum Brics colloquium, ahead of the
party's four-day policy conference in Midrand.
This would be fleshed out at the colloquium and over the next few days at the policy conference, he said.
He said the Brics - Brazil, Russia, India, China and
South Africa group of economies - was a "major force to be reckoned
The Brics grouping accounts for more than 40% of the world's gross domestic product.
Phosa called on the private sector to take advantage of the Brics relationship.
"Whenever our leaders sit... and sign agreements... it
becomes important that we as private sector should make follow ups,
should network, should do the deals."
The ANC policy conference would debate and decide new
policies. These would then be confirmed at the party's elective
conference in Mangaung in December.