JOHANNESBURG, July 21 (Xinhua) -- The BRICS Business Council is vital for identifying trade and investment in BRICS countries, South African Minister of Trade and Industry Rob Davies said on Saturday.
"The BRICS Business Council is a crucial element of the BRICS block due to the critical role that it plays in promoting and strengthening business, trade and investment ties amongst the business communities of the five BRICS countries," said Davies.
"The Council is also mandated to ensure that there is regular dialogue between the business communities... and the governments of the BRICS countries," said Davies.
Davies said BRICS Business Council identifies problems and bottlenecks and recommend solutions. He added that the council also identify intra-BRICS projects for investments and increased exports.
BRICS Business Council meeting will be held in Durban on Sunday. The business community from five BRICS countries will attend the meeting and exchange ideas on trade promotion, investment, E-commerce, small and medium enterprises and so on.
BRICS is an acronym for the grouping of the world's leading emerging economies, namely Brazil, Russia, India, China and South Africa.
