Published: Sat, July 28, 2018
Markets | By Erika Turner

President Lungu to hold bilateral talks with Russian President Vladimir Putin

President Lungu to hold bilateral talks with Russian President Vladimir Putin

They were speaking at a three-day meeting of BRICS leaders in Johannesburg, South Africa.

A brief history of thr BRICS summit is as follows:BRICS is an acronym for the grouping of the world's leading emerging economies, namely Brazil, Russia, India, China and South Africa.

US President Donald Trump's hardening stance has compounded fears of an all-out trade war after he slapped levies on goods from China worth tens of billions of dollars as well as tariffs on steel and aluminium from the EU, Canada and Mexico.

"We also recognise that although trade figures have grown steadily over the past few years, bilateral trade has not reached its potential".

"We reaffirm the centrality of the rules-based, transparent, non-discriminatory, open and inclusive multilateral trading system, as embodied in the World Trade Organization, that promotes a predictable trade environment and the centrality of the WTO", the declaration signed by the five leaders said.

Chinese President Xi Jinping (L) and South African President Cyril Ramaphosa shake hands after a press conference following their meeting at the Union Building in Pretoria, on July 24, 2018.

He was addressing the 10th edition of the Brazil Russia India China and South Africa bloc summit in Johannesburg. Russian President Vladimir Putin has declined to comment on the possible referendum on the status of Donbass.

South African Trade Minister Rob Davies said it was suffering collateral damage.

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The 10th BRICS Summit, which is scheduled to end on Friday, feature high-level discussions among leaders, policymakers and industry executives around the theme of enhanced partnerships to realise inclusive growth and the next phase of industrial revolution.

The BRICS group comprises more than 40 per cent of the global population.

In Washington, Trump and European Commission chief Jean-Claude Juncker announced an apparent truce in their trade war after White House talks Wednesday.

He says Putin was relaxed about South Africa's position on the matter.

He also drew attention to the trade surplus between South Africa and the African continent, saying that this trend remains large although it has somewhat narrowed.

Prime Minister Narendra Modi on Thursday met Chinese President Xi Jinping for the third time in the past four months.

BRICS leaders and business delegates, including members of the BRICS Business Council, are present at the opening session of the summit, which is expected to rally behind concerted efforts to revitalize Africa's industrialisation agenda.

He pointed out that the next decade will be a crucial one in which the BRICS countries will face major opportunities and challenges.

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