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Mar 23, 2018 18:07
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Memberships & Affiliations

Memberships & Affiliations

The creation of the BRICS Business Council was announced on the margins of the V BRICS Summit in Durban in South Africa on 27 March 2013.

The BRICS consist of Brazil, Russia, India, China and South Africa.

In accordance with the constituent documents, the Council's activities are aimed at creating a platform for discussing issues to strengthen and promote economic, trade, business and investment ties between the business communities of the five countries, as well as to ensure a dialogue between the business community and government representatives.

By a decision of the leaders, five representatives from each country are included on the BRICS Business Council.

Russia is represented on the BRICS Business Council by the heads of OJSC Russian Railways, Vnesheconombank, the Russian Direct Investment Fund and the Rostekhnologii State Corporation.

The functions of the Chairman within the Russian section of the BRICS Business Council are performed by the Chamber of Commerce and Industry of the Russian Federation

The task of the BRICS Business Council is to identify problematic issues and difficulties that hinder the growth of economic, trade, business and investment ties between the BRICS countries, as well as to develop proposals and recommendations for their resolution.

In 2014, a list of industry working groups on key areas for cooperation was approved.

On the Russian side, the activity of the group for cooperation on infrastructure is coordinated by OJSC Russian Railways.

The priority areas of joint work are:

  • cooperation with the BRICS New Development Bank (NDB);
  • forming a pool of investment projects that are supported by the Business Council and recommended for implementation with the involvement of the NDB's financial resources;
  • the need to
    • optimise trade regimes and internal standards;
    • unify technical regulations;
    • remove administrative barriers (including visas);
  • support interregional business ties.

The work of the BRICS Business Council and project proposals and initiatives of the working groups which are approved by the national sections are reflected in the Annual Report, which is submitted to the heads of state of the BRICS countries during traditional meetings of leaders with the Business Council during the BRICS summits.


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