BRICS Member States Sign Investment Declaration

The Business Council will discuss the document on Thursday, including the main areas of cooperation, investment and promotion of the BRICS New Development Bank (NDB), with the leaders of the bloc’s member states.

UFA (Sputnik) — The Business Council of BRICS member states signed a declaration on investment cooperation Wednesday, the chairman of the Russian Section of the BRICS Business Council said.

BRICS Business Council, which was established in 2013 and comprises 25 members drawn from the five BRICS countries, is a platform for promoting closer ties among the economies of BRICS countries and their work on common areas of interest, particularly on large-scale infrastructure programs.

"We have done the hard work to include all the comments in one document. Each issue raised started a serious discussion, however, we have found common ground to accommodate all the delegations,” Sergei Katyrin said.

He added that the Business Council would discuss the document on Thursday, including the main areas of cooperation, investment and promotion of the BRICS New Development Bank (NDB), with the leaders of the bloc’s member states.

The NDB was created in July 2014 by an agreement between BRICS member states to mobilize resources for infrastructure and sustainable development projects.

BRICS member states have also agreed to establish a $100-billion liquidity reserve to ensure the bank's financial stability.

The BRICS summit is underway in the Russian city of Ufa, in parallel to the Shanghai Cooperation Organization (SCO) summit. Both summits will conclude on Friday, July 10.