THE seventh annual BRICS summit informally opened on Wednesday, July 8 at the industrial city of Ufa in Russia attended by leaders of five of the world’s major emerging economies: Brazil, Russia, India, China, and South Africa.
A report from The BRICS Post, the group’s official news site, said Russian President Vladimir Putin hosted several bilateral meetings with the other BRICS leaders.
Putin and visiting BRICS leaders agreed to boost bilateral relations for future projects that would benefit trade within the group and improve their economies, the report said.
The summit will also discuss energy efficiency, it said.
The BRICS Summit coincides with the Shanghai Cooperation Organization (SCO) Summit, also being held in Ufa City. Both events are expecting around 10,000 visitors.
The summit formally opened to the public on July 9 and will last until the 11th.
Before the summit’s opening, leaders of BRICS launched last Tuesday the group’s development bank which will be based in Shanghai, China.
According to the New Development Bank’s (NDB) official website, the bank will serve as an alternate to the World Bank (WB) and the International Monetary Fund (IMF).
The first appointed president of the NDB is Kundapur Vaman Kamath from India.
NDB is expected to start infrastructure development projects in the five member countries by next year.
BRICS leaders also signed a deal for a $100-billion reserve fund which will be used during financial emergencies, The Wall Street Journal reported.