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BRICS Business Council to be unveiled today

world Updated: Mar 26, 2013 22:58 IST
Varghese K George
Varghese K George
Hindustan Times
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Business communities of five BRICS countries - Brazil, Russia, India, China and South Africa - will on Wednesday launch a forum to strengthen engagement levels among them.

The BRICS Business Council will have five members from each member country and will be supported by experts in various fields.

BRICS countries have set a target of US $500 billion by 2015 for trade between them, nearly two times the 2011 figure of US $275 billion.

On the lines of the India-US and India-UK business councils, the BRICS business council is likely to emerge as an influential forum to promote trade and economic cooperation between the emerging economies.

Currently, on the sidelines of the BRICS summit, business delegations from members countries meet under the banner of BRICS business forum, but the council will be a more structured and permanent mechanism.

Connectivity, visas and promotion of free trade would be the priority areas of the council.