South Africa will favour the development of the African Continental Free Trade Area within the BRICS framework
The country's finance minister said that the development of AfCFTA and the expansion of the BRICS bloc are the two important developments for the South African economy this year
South African Finance Minister Enoch Godongwana pledged that South Africa would uphold the core principles of the African Continental Free Trade Area (AfCFTA) in the enlarged BRICS group of developing countries.
AfCFTA is the world's largest free trade area, bringing together 55 African Union countries and eight regional economic communities to create a single continental market with a population of about 1.3 billion people and a combined gross domestic product of about US$3.4 trillion.
The African Continental Free Trade Area Secretariat has unveiled the first ever AfCFTA private sector action plan, with 12 industry giants committing to projects to transform the automotive, agriculture and agro-processing, pharmaceuticals, and logistics and transport sectors.
AfCFTA Secretary General Wamkele Mene admitted that these commitments totalling $130 billion signify a leap in realising the potential of intra-African trade.
Godongwana said that the development of AfCFTA and the expansion of the BRICS bloc are the two important developments for the South African economy this year as they are happening simultaneously.
He also announced that President Cyril Ramaphosa will present the AfCFTA from a South African perspective on 31 January. This is reported by Pretoria News, a partner of TV BRICS.
Photo: IStock-
![]()
Economy03.10.26Oman exports 4,500 tonnes of squid to 19 countries in 2025 -
![]()
Economy02.10.26Iran-Belarus trade hits US$76 million as agricultural and industrial ties deepen -
![]()
Economy02.10.26Brazil plans to increase share of renewable energy to over 80% by 2055 -
![]()
Economy01.10.26Indonesia to train representatives from six African countries in trade and investment development -
![]()
Economy30.09.26How land restoration is becoming new investment sector -
![]()
Economy30.09.26Iran reduces customs clearance time as trade facilitation reforms accelerate
-
![Evgeny Solntsev]()
Evgeny SolntsevGovernor of Orenburg Region (Russia)"We see growth year after year. Last year, the figure increased by 11.6 per cent. The total share of our products on the sales market is around 24.7 per cent. BRICS countries account for a quarter of all our products. Good-neighbourly relations with Kazakhstan are very important for us. Then come China and India. We primarily focus on these countries because they are our closest neighbours" -
![Elias Monage]()
Elias MonageChairman of the South African side of the Russia-South Africa Business Council"If we are then to do a huge project, for example, on rail infrastructure, we can then bring the rest of the continent to participate in the rail development and infrastructure for the continent together with the partners within the BRICS countries. Whether we then bring, for example, Russia rail, we then bring India, we then bring China" -
![Maksim Reshetnikov]()
Maksim ReshetnikovRussian Minister of Economic Development"Plan 2030 has created a strong foundation for the qualitative expansion of trade and economic ties. There are all grounds to believe that by the end of the decade, Russia–China trade will reach US$300 billion"
