BRICS 'set to be global force'

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President confident of more unity after successful Durban summit

The Fifth BRICS Summit in Durban, South Africa, proves the group is developing into a global force able to tackle a range of economic and political issues, with the five major emerging economies inking agreements on new business and finance cooperation arrangements, analysts said.

At the summit of Brazil, Russia, India, China and South Africa, President Xi Jinping expressed his confidence on Wednesday at the prospect of greater cooperation among the world's leading emerging economic powers despite the global slowdown.

"Slower economic growth doesn't imply a downhill path for BRICS. On the contrary, the development potential is very promising," Xi said.

It is just five years since the BRICS were established, he said, and it is still at a developmental stage and should focus on boosting ties.

Improving the standard of living for 3 billion people will create massive opportunities, Xi said, and he called for major cooperation projects.

"The potential of BRICS cooperation has not yet been fully explored," Xi said. Trade volume among the five countries only accounts for less than 1 percent of the global volume, he added.

He encouraged Chinese entrepreneurs to be more involved in the economic development of other BRICS countries, and welcomed their counterparts investing in the Chinese market.

"The BRICS and Africa should be closely integrated and promote Africa as the new highlight in the global economy."

Xi also called for regular meetings among BRICS leaders, and urged them to listen to the BRICS Business Council, which was established during the two-day summit and will be a chief mechanism for dialogue among member countries.

The council will operate under five representatives from each member country, all on equal footing, and will operate without a fixed leadership structure.

"It will be similar to the World Trade Organization only on a smaller scale, and it will aim to resolve trade and commercial disputes," said Cao Heping, a professor of economics with Peking University.

"It can also act as an administrative body if a Free Trade Zone is established under a BRICS mechanism," he added.

The summit also witnessed the signing of agreements on financing for a green economy and infrastructure in Africa, as well as the establishment of the BRICS Think-Tank Council.

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