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BRICS Business Engagement

BRICS is a forum of the key emerging economies including Brazil, Russia, India, China and South Africa established in 2006. BRICS countries total population is more than 2.8 billion (more than 40% of world population), total GDP – 15.4 trillion USD.

The first ministerial meeting of BRIC was held on September 20, 2006. The foreign ministers of Russia, Brazil and China and Indian defense minister participated in the meeting. The first BRIC summit initiated by Russia was held on June 16, 2009 in Yekaterinburg, Russia. 

The second BRIC summit was organized on April 15, 2010 in Brasilia, Brazil. The same year the first BRIC business forum was held. The forum participants discussed  sustainable use of resources and energy, trade and economic cooperation and financial issues, potential of BRIC members markets, innovative technologies for environment-friendly production growth. On December 2010, the forum was enlarged as South Africa joined BRIC.

The first BRICS business forum was held on March 13-14, 2011 in Sanya, China. The meeting concluded with the Joint Statement in which the participants emphasized the G20 role responding to the risks the world economy faced. The business community recommendations underlined the importance of supportive financial policies and measures for the SMEs.

Representatives of more than 100 Russian companies participated in the second BRICS business forum which was held on March 28, 2012 in New Delhi, India.

In the Joint Statement BRICS business community supported the actions taken by their governments to address the global economic crisis consequences and encouraged trade promotion amongst the BRICS countries. 

The third BRICS business forum was held on March 26, 2013 in Durban, South Africa. The participants called on enhancing intra-BRICS trade and supported the efforts of their respective governments at the G20.

The BRICS Business Council was established on the sidelines of BRICS summit. On November 23, 2015 President of the Russian Federation Vladimir Putin signed an instruction appointing representatives of the Russian Federation to the BRICS Business Council for 2016-2018. The President appointed Sergei Katyrin, president of the Chamber of Commerce and Industry of the Russian Federation as the Head of the Russian part of the Business Council. Other Russian representatives include Oleg Belozerov, CEO of Russian Railways, Sergey Gorkov, chairman of the State Corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank), Kirill Dmitriev, CEO of Russian Direct Investment Fund, and Sergei Chemezov, CEO of State Corporation Rostec CEO for Assistance in the Development, Production and Export of High-Technology Industrial Products. The first BRICS Business Council meeting was held on August 20, 2013 in Johannesburg, South Africa.

On March 2013, Concept of participation of the Russian Federation in BRICS was approved by the President of Russia.

The Strategy for BRICS Economic Partnership was adopted at Ufa summit on July 8-9, 2015.

One of the key Strategy`s objectives is to promote business cooperation through appropriate channels, including through the BRICS Business Council, annual business forums, the Exchanges Alliance, the Interbank Cooperation Forum.