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The next decade will be a crucial one in which new global growth drivers will take the place of old ones, seeing faster changes in the worldwide landscape and the worldwide alignment of forces, and witnessing a profound reshaping of the global governance system, Xi said while addressing the BRICS Business Forum in Johannesburg, South Africa.

Both South African Ramaphosa and Chinese President Xi Jinping have sounded warning bells over a growing global trend of protectionism and trade wars.

"A trade war should be rejected because there will be no victor", Xi said at the opening of a BRICS summit of emerging economies in Johannesburg.

PM Modi arrives in Johannesburg on Wednesday for a three-day BRICS meeting to discuss USA trade war.

China has told developing nations there would be no victor in a global trade war.

Ramaphosa says he's concerned that worldwide trade laws are being violated as a result of countries acting unilaterally.

Last week, President Trump said he was ready to impose tariffs on all goods imported from China - worth $500bn (£380bn).

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Xi called on the developing world to rise against USA protectionism, warning that the tariffs that the world's biggest economy had imposed on imports would have far-reaching implications for emerging nations and markets.

Xi continued that emerging markets and developing countries already contribute 80 percent of global economic growth, and based on exchange rate calculation, these countries account for almost 40 percent of the global economic output.

In just three years, the bank has issued $5.7 billion (R74.98bn) in loans to BRICS member countries, and intends on increasing that amount to $15bn in the next three years.

President Cyril Ramaphosa also expressed concern about the rise in unilateral measures in global trade, which were incompatible with World Trade Organisation rules.

China is now the single greatest investing country to the continent and with its trade war with the United States having taken effect it was expected that most of the Asian country's investment may be for South Africa's earth metals or other products that were hit by hefty tariffs by the US. "So this is taking along the Africa developmental agenda and bringing it into the BRICS agenda. countries like Rwanda, like Senegal, like Togo have been invited to come and attend".

"BRICS has the strategic potential to re-shape world trade".


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