Chinese Foreign Minister Wang Yi with his South African counterpart International Relations and Cooperation Minister Maite Nkoana-Mashabane at a press conference in Johannesburg on April 14 FRANCISCO LITTLE
Chinese Foreign Minister Wang Yi was in South Africa on April 14 and 15 on an official visit, meeting with his South African counterpart International Relations and Cooperation Minister Maite Nkoana-Mashabane.
Top of the discussion agenda was preparation for the sixth Ministerial Conference of the Forum on China-Africa Cooperation (FOCAC) set to take place in South Africa in 2015. This year's conference marks the 15th anniversary of FOCAC, a platform established in 2000 for collective consultation.
Nkoana-Mashabane told media that South Africa would be co-hosting FOCAC with China in the fourth quarter of this year and that the conference will take place just a few months after South Africa hosted the African Union Summit.
She said key issues of the outcomes of the AU Summit would be shared with the Chinese Government for discussion at FOCAC. These issues would include industrialization, manufacturing informed by beneficiation of natural resources, integration of African economies and intra-trade that will be enhanced by integration of infrastructure construction, supported by China.
Wang said in designing the overall approach of FOCAC, a focus would be placed on China supporting Africa's process of industrialization, enhancing the continent's independent development capacity and supporting Africa financially to build high speed expressways, high speed railways and regional aviation networks.
He also stressed that improving Africa's public health system, after the recent ravages of the Ebola virus, and helping with peace and security on the continent would be high on the FOCAC agenda.
Wang said both sides have agreed in principle consensus on key areas. "China is ready to issue a new Africa policy white paper before FOCAC to comprehensively expand on the approach of the Chinese Government to strengthen cooperation with Africa," he said, adding that China will also launch the drafting of the FOCAC documents as soon as possible, which include a foreign declaration and a three year action plan.
Nkoana-Mashabane was also forthcoming on the BRICS Development Bank, the much anticipated financial institution designed to help with funding infrastructure development projects for member states Brazil, Russia, India, China and South Africa. The Bank is expected to reduce member's reliance on Western-dominated finance institutions like the International Monetary Fund. The Bank will start off with $50 billion in initial capital.
According to Nkoana-Mashabane, South Africa has been chosen as the regional center for the Bank and its establishment plans are progressing well.
"South Africa is in the final stages of ratification of the establishment of this regional center for the BRICS Development Bank. We [the two countries reserve banks] are at an advanced stage of the currency swap mechanisms and we are almost done on the establishment of a clearing center for the RMB, so that we can have a direct exchange of RMB and Rand," she said.
Nkoana-Mashabane said the two governments were working hard to address the negative trade deficit in the quest for a more mutual trade balance. Total trade between South Africa and China in 2014 amounted to $21.8 billion with a trade deficit of negative $6.07 billion for South Africa. China and South Africa have strong trade ties, with China being South Africa's single largest trading partner, and South Africa being China's largest trading partner on the continent. |