The BRICS Business Council, seven years old in 2020, is following this trajectory of making multi-lateral and bi-lateral economic cooperation between BRICS and developing economies possible
Introduction
The BRICS Business Council was established during the Fifth BRICS Summit held on 26th – 27th March 2013 in Durban, South Africa. The objective of creating the council was to constitute a platform which will promote and strengthen business, trade and investment ties amongst the business communities of the five BRICS countries, ensure that there is regular dialogue between the business communities of the BRICS nations and the Governments of the BRICS countries; and identify problems and bottlenecks to ensure greater economic, trade and investment ties amongst the BRICS countries and recommend solutions accordingly.
To constitute a platform that will promote and strengthen business, trade and investment ties amongst the business communities of the five BRICS countries by:
1. advocating the value of BRICS to all stakeholders
2. fostering regular dialogue between the business communities and Governments of the BRICS nations and all other stakeholders
3. identifying problems and bottlenecks to greater economic, trade and investment ties amongst the member countries and recommending solutions
4. advancing South Africa’s brand internationally
5. assisting in fostering a relationship with Government that creates a regulatory environment conducive to strengthening and promoting economic, trade, business and investment ties
BRICS is a force to be reckoned with
- 42 % of the world’s population (3 600 000 000 people live in BRICS countries)
- 26% of the worlds geographical area
- 30% of the Global GDP
- account for approximately 30% of global GDP, which is projected to surpass the size of the G-7 economies by mid-century.
Background
The BRICS Business Council was first launched at the BRICS Summit in 2013 in Durban. It was at the launch of the BRICS Business Council, that the idea of a “BRICS” Bank to fund development within BRICS and developing countries was first proposed. The New Development Bank (NDB) was launched two years thereafter and the NDB African Regional Centre was established in Gauteng in 2017. This is a notable achievement
