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.
BRICS, entered into its second decade in 2017 and has emerged as an influential, global multi-lateral platform since its establishment in June 2006. South Africa joined BRICS in 2010 at the 5th BRICS Summit in Durban. BRICS is one of the major fundamentals of South Africa’s foreign policy. The BRICS Business Council is a significant parallel stream initatied to focus on business to business engagements in the interests of creating tangible inter- trade and investment opportunities between the partner countries.
Central to the BRICS philosophy is the notion that the world is a multi-polar universe, and engagement between countries should be based on mutual cooperation. The principle is that no single power should dominate the global economic and political agenda. Another guiding principle is that dialogue, not war, is the appropriate mechanism to deal with the worlds many conflicts and challenges.