Briefly discuss subsidies and incentives as methods of export promotion. Discuss the advantages of import substitution.

Step 1: Answer 4.2.1 Based on the extract, South Africa is an emerging market affected by falling global commodity prices. A major foreign exchange earner in South Africa is gold* (or coal). Step 2: Answer 4.2.2 The BRICS club consists of Brazil, Russia, India, China, and South Africa. Another BRICS member country, apart from China, is India* (or Brazil, or Russia). Step 3: Answer 4.2.3 Trade liberalization involves reducing barriers to international trade. Trade liberalization* refers to the process of reducing or removing barriers to the free exchange of goods and services between countries. These barriers typically include tariffs, quotas, and other non-tariff restrictions. Step 4: Answer 4.2.4 A decrease in mineral prices directly impacts South Africa's export revenue. A decrease in mineral prices would lead to lower export earnings for South Africa, as minerals like gold and coal are major exports. This can result in a decline in foreign exchange reserves, a weaker rand, reduced profits for mining companies, potential job losses in the mining sector, and an overall negative impact on the country's Gross Domestic Product (GDP)*. Step 5: Answer 4.2.5 Membership in BRICS offers South Africa several economic and political advantages. South Africa benefits from being a member of BRICS through: Increased trade and investment opportunities* with other large emerging economies, fostering economic growth. Enhanced political influence* on the global stage, allowing South Africa to advocate for its interests and those of the African continent. Access to development finance and infrastructure funding through the New Development Bank (NDB)*, established by BRICS members. That's 2 down. 3 left today — send the next one.