BRICS countries (Brazil, Russia, India, China, and South Africa) hope to double the size of intra-grouping trade to $500 billion within five years. This requires businesses and industry in all five countries to scale up their engagement. For one they have agreed on a tax and custom cooperation framework. In 2015, intra-BRICS trade stood at about $250 billion.
There is huge scope for intra-BRICS cooperation in infrastructure development and financing. The formation of a group of angel investors is one possibility. In the past year, BRICS has played an active role in shaping the global agenda for change and development. It has had purposeful and productive associations with Agenda 2030, the Paris Climate Agreement, and the Addis Ababa Action Agenda on Financing for Development. And it remains at the forefront of pushing change in global governance architectures.
In a world of new security challenges and continuing economic uncertainties, BRICS stands as a beacon of peace and promise. With the expansion of BRICS agenda, there is a need to enhance business cooperation in agriculture by way of sharing of best practices among members.
The Shanghai-headquartered NDB, which has completed one year of operations, had approved loans to the tune of $911 million for development of renewable energy sector in member countries.
