BRICS countries have launched the BRICS Business Council, the key institution expected to drive private sector investments among the 5 member countries.
South African President Jacob Zuma announced launch of the council during the breakfast meeting he hosted for the other BRICS leaders from China, Brazil, India and Russia.
The BRICS Business Council's objectives include strengthening trade relations, promotion of business relations, technology transfer, and cooperation in the areas of banking, the green economy, manufacturing and industrialization. The proposed council will meet twice a year and the chairmanship will rotate every year in alignment with the political leadership. The council will be crucial in enabling the BRICS nations to increase trade with each other from the current 360 billion US dollars to 500 billion dollars by 2015.
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