The creation of the BRICS Business Council was announced on the side-lines of the 5th BRICS Summit Durban in South Africa on March 27, 2013.
BRICS is made up consist of Brazil, Russia, India, China and South Africa.
In accordance with the constituent documents, the activities of the BRICS Council 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,each country has five representatives on the BRICS Business Council.
Russia is represented on the BRICS Business Council by the heads of Russian Railways, Vnesheconombank, the Russian Direct Investment Fund and the State Corporation for Assistance to Development, Production and Export of Advanced Technology Industrial Product Rostec.
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 issues that may hinder the growth of economic, trade, business and investment ties among 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 Russian Railways.
The priority areas of joint work are:
- cooperation with the BRICS New Development Bank (NDB);
- the formation of a pool of investment projects that are supported by the Business Council and recommended for implementation using the NDB’s financial resources;
- the need to
- optimize trade regimes and internal standards;
- unify technical regulations;
- remove administrative barriers (including visas);
- support interregional business ties.
The work of the BRICS Business Council , as well as the project proposals and initiatives of the working groups which are approved by the national sections are reflected in the Annual Report, that is submitted to the heads of state of the BRICS countries during traditional meetings of leaders with the Business Council during the BRICS summits.