Intervention by President Cyril Ramaphosa on Multilateralism, Economic-Financial Affairs and Artificial Intelligence, 17th BICS Leaders' Summit, BRICS Partners and Outreach, Rio de Janeiro, Brazil

Your Excellency, President Lula da Silva,
Leaders of BRICS member countries,
Leaders of BRICS Partner and Outreach countries,
Leaders of Global and Regional Institutions,
Your Excellency, Ms Rousseff, President of the New Development Bank,
Honourable Ministers,
Excellencies,
Ladies and gentlemen,

Allow me to begin by thanking President Lula for a successful chairship of BRICS that has, for the first time, included BRICS Partner countries.

As an expanded group, we now represent nearly half of the world’s population and account for over a third of the global GDP. 

This provides us with an opportunity to strengthen and deepen our cooperation to ensure a more equitable, just, democratic and balanced multipolar world order.

The BRICS Outreach and BRICS Plus engagements are important platforms for expanding strategic dialogue and building strong ties with countries from the greater Global South and other emerging markets. 

Brazil has rightly recognised the potential of BRICS as a platform for developing the solutions the world so urgently needs. 

We must continue to enhance our financial cooperation and continue the work already underway in studying the challenges and opportunities related to connecting financial market infrastructure. 

There are enormous benefits to be achieved from faster, low cost, more efficient, transparent, safe and inclusive cross-border payment instruments.

The proposal to establish a BRICS New Investment Platform is most welcome.

It has great potential to facilitate the mobilisation of diverse and expanded sources of investments into projects in the BRICS countries, and this is where the BRICS NDB plays a key and important role. I applaud the president of the NDB for the excellent work that is being done by the bank.

South Africa calls for the appropriate risk mitigating mechanisms to be considered in the establishment of this platform. 

We must continue our collective commitment to safeguarding and supporting the rules-based multilateral trading system as embodied in the WTO. 

We commend the important work undertaken to review the Strategy for BRICS Economic Partnership 2030. 

In view of the current geopolitical challenges and trade uncertainties, the strengthening of trade and investment ties between BRICS countries is essential.

The Fourth Industrial Revolution has brought about a new era in the social and economic life of all countries and all people. 

It has demanded that countries develop new policies and strategies to enable an inclusive, whole of society approach. 

Global institutions and inclusive participation are needed now more than ever. This is why reports from business and civil society tabled today are important.

The United Nations has adopted a set of high-level political principles on artificial intelligence that have been broadly endorsed by member states.

These principles provide the international community with a common value-driven approach to AI that can serve as a basis for defining regulations and tools.

Under South Africa’s G20 Presidency, we have established a Task Force on Artificial Intelligence, Data Governance and Innovation for Sustainable Development. 

This presents an opportunity for G20 Members to address the limitations in international AI governance. 

Artificial Intelligence is reshaping every dimension of our lives, from education and agriculture to national security and financial systems.

The choices we make now will determine whether AI exacerbates global inequality or becomes a tool for sustainable and inclusive development. 

As we look ahead, we need to commit to multilateralism with equity, to economic growth with inclusion, and to technology with humanity.

AI must be seen as a tool that will enhance the interests of all and not just a few billionaires as indicated by President Lula. 

I thank you.