BRICS summit to focus on business council, development bank(2)

The envisaged two institutions will officially become some of the first institutions to be formed under the BRICS cooperation, a body that brings together five of the world's most advanced developing economies.

The institutions are expected to set path for making the BRICS economies more efficient and more integrated, officials said.

BRICS members are betting on their growing economies and the goodwill among the majority of developing economies to bring a new global economic order, from what has been dominated by the west, through institutions like the World Bank and the International Monetary Fund (IMF).

The member countries are also seeking to tilt the global trade, by trading more amongst themselves and easing dependence on European and United States markets that have stringiest market entry requirements.

Their hopes are pegged on the fact that their economies are yet to reach the peak in growth terms. The middle class in those economies is still expanding, meaning that demand for goods and services will continue to grow.

They also require major investments in infrastructure, creating business opportunities for their respective corporations.

The BRICS have also plotted to use their influence to take leadership in the conclusion of the World Trade Organisation's global trade talks known as the Doha Round, which seeks to help the developing countries join the global market place by compelling developed countries to open up their markets to developing countries.

Growing African economies also present an opportunity for the BRICS, with growing middle class offering new pool of financially empowered consumers.

Intra-BRICS trade stands at more than U.S.$ 360 billion and is expected to reach 500 billion dollar by 2015. BRICS expect acceleration of this growth in long term as the markets continue to open to each other, eliminating non-tariff barriers and the private sectors of the five countries deepening cooperation.

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