BRICS Africa Export Import Forum: Another ‘First’ For Saitex
by Staff Reporter on 26/01/12 at 2:40 pm
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The vast, largely untapped potential for BRICS intra Africa trade is to receive a major boost, through the newly-launched BRICS Africa Export Import Forum, which will run alongside the Southern African International Trade Exhibition (SAITEX), taking place from 15 to 17July 2012 at Gallagher Convention Centre, Midrand.
The BRICS Africa Export Import Forum is the only event that is dedicated to showcasing the range of services and support available for BRICS Intra Africa trade. Products and services that will be showcased cover the entire import/export supply chain – including trade and investment promotion agencies, export/import consultants, Export Councils, banking and trade finance, credit guarantee and insurance services, customs brokers and revenue services, certification and audits, training, media as well as companies involved in freight logistics including shipping lines, airlines, road and rail operators and courier companies.
According to the Standard Bank Group, trade between BRIC nations and Africa increased almost eight times, from $21.9 billion in 2000 to $164.6 billion in 2008. By 2030, this figure is expected to exceed $4 trillion.
In 2010, China overtook the United States as Africa’s largest trading partner, while Brazil and India currently rank as Africa’s sixth and 10th largest trading partners, respectively. Among the BRIC countries, China dominates BRIC-Africa trade, accounting for about two-thirds in value.
The positive outlook for BRICS intra Africa trade has been well documented. “Brazil’s trade with Africa could triple to $60 billion by 2017,” says Roberto Giannetti da Fonseca, head of foreign trade at the Sao Paulo Industrial Federation (FIESP). He also notes that trade tripled to $20 billion between 2004 and 2010.
Trade with other BRIC countries is equally as promising. India’s trade with Africa has increased by a massive 1,000% over the last decade, with value currently around $32 billion a year. According to IMF data, Russia-Africa trade reached $3.5 billion in 2009, the smallest volume of the BRIC partners.
“Africa is one of the fastest growing economic regions in the world, with a combined GDP growing at an average rate of 4.5% per annum,” says John Thomson, Managing Director of Exhibition Management Services, organisers of SAITEX and co-organisers of the BRICS Africa Export Import Forum.
“The BRIC nations continue to reap the benefits of bilateral trade. Africa has enjoyed infrastructure development, economic expansion and developmental aid, while the BRIC nations gain access to strategic mineral resources, markets and support from African states at multilateral summits.”
Thomson adds that BRIC’s trade growth with Africa has outpaced global trade and that the potential for future growth is significant. “Our show aims to develop and exploit that potential,” he comments.
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Tags: BRICS, Business/Finance, finance
