BRICS Business Council vows to intensify cooperation in various fields

BRICS grouping Brazil, Russia, India, China and South Africa on Tuesday vowed to intensify cooperation in various fields.

In a joint statement, the BRICS Business Council said the five emerging economies would further cooperation in promoting their infrastructure, mining, value-added manufacturing, skills and sustainable development.

The council voiced the determination of member states to accelerate preparations for the establishment of a BRICS Development Bank.

The BRICS Business Council was established at the fifth BRICS summit held in the South African port city of Durban in March, when leaders of the five countries agreed to set up a development bank to provide funding for their infrastructure projects.

On Monday, the council discussed the possibility of the future cooperation at their closed meeting in Johannesburg.

The BRICS countries, among others, agreed to promote the public and private partnership for the development of economic integration.

The grouping is also planning to facilitate multiple entry business visas and create a BRICS business travel card.

The statement was preceded by South African President Jacob Zuma's speech calling for the BRICS Business Council to promote cooperation among member states.

BRICS accounts for 43 percent of the world's population, about 18 percent of its GDP and 40 percent of the foreign exchange reserves.