Bloc key platform for cooperation among economies

When I was given an assignment to cover the BRICS Summit in South Africa in August, I was overjoyed. It was my first time to attend the summit in person, so I was expectant and open-minded to learn.

With the presence of heads of state from BRICS countries, security was really tight. Many roads leading to the Sandton Convention Centre, the venue of the summit in Johannesburg, had been closed save for vehicles transporting the high-level delegates.

At the convention center, some entrances were reserved for delegates, government officials and heads of state.

For many journalists it was a real headache on the first day of the summit trying to locate the entrance to the media center, which hosted hundreds of journalists from across the globe.

Numerous security officials had been deployed in the capital, specifically around Sandton, to ensure the summit took place in a safe and secure environment.

As the event kicked off on Aug 22, expectations were high on the deliberations and outcomes on the expansion of the grouping, "de-dollarization" and what BRICS had in store for Africa, as the summit was happening on the continent.

By the close of the meeting on Aug 24 the Johannesburg summit had achieved a milestone for the BRICS grouping, the key highlight being the agreement to admit six new member countries.

The expectations for the summit as well as the enlargement of the grouping were highly publicized by the media, increasing its popularity among people especially across Africa.

Contrary to the expectations of many, the summit did not feature the de-dollarization deliberations, but member countries emphasized increased use of local currencies in trade among themselves.

Nevertheless, hopes are still alive that in the near future, even though it is a complex issue, an alternative to the dollar will be established to protect countries against the impact of dollar inflation on local currencies.

Judging from the discussions since its formation, BRICS presents itself as a key platform for cooperation especially among emerging economies. This is evidenced by the interest shown by countries to join the bloc.

Prior to this year's summit 40 countries had expressed interest in joining the grouping, and more than 20 had formally applied.

BRICS' commitment to uphold multilateralism, represent the voice of the developing and emerging economies, and reform the global governance system are some of the reasons behind the interest in joining the grouping.

BRICS has consistently advocated fair treatment of developing countries, the reason Africa sees BRICS as an important platform where it will lobby in favor of its interests.

BRICS also presents numerous opportunities for Africa to grow its trade and attract direct investment.

Through BRICS, Africa has an opportunity to get technology transfer, especially in manufacturing. Those who were lucky to be admitted to the grouping should set their priorities right to fully benefit from the opportunities presented.

Despite being endowed with vast natural resources, Africa remains the continent with the poorest countries.

According to the United Nations, Africa holds 40 percent of the world's gold and up to 90 percent of its chromium and platinum. The largest reserves of cobalt, diamonds, platinum and uranium in the world are in Africa.

It also holds 65 percent of the world's arable land and 10 percent of the world's internal renewable fresh water source.

Africa's partnership with BRICS will thus be a game changer — the continent boasts vast natural resources while the grouping boasts technology, innovations and has financial capabilities.

With all eyes on the 16th BRICS summit to be held in Kazan, Russia, expectations are high on what is next after the expansion.

Meanwhile, it is my hope that going forward BRICS will play a bigger role in advancing the interests of developing countries economically in the global landscape.