Ministers and business leaders meet ahead of BRICS Summit

Finance ministers, central bank CEOs, and business leaders from Brazil, Russia, India, China, and South Africa, the BRICS countries, are meeting today (July 14) in Fortaleza. The agenda covers trade and investment in the build-up to the 6th BRICS Summit on Tuesday (15).

The heads of state of the five countries will discuss the creation of a dedicated Development Bank to provide funding for infrastructure and sustainable development projects for BRICS. A Contingency Reserve Arrangement (CRA) is also planned to help see member countries through liquidity pressures.

Brazil's National Confederation of Industry (CNI) has arranged three events for today. A Business Networking event will provide a point of contact between about 600 companies, expected to close $3.9 billion worth of deals. The prospecting event will cover more than ten areas of commercial interest from agribusiness, infrastructure, and mining to machinery/equipment and information technology. The two other events of the day are the BRICS Business Forum and the BRICS Business Council.

In 2013, Brazil's trade with fellow BRICS countries amounted to $101 billion, accounting for 21% of Brazil's foreign trade. In 2008, this percentage was 14%. Last year, BRICS was among the leading destination regional blocs for Brazilian exports, second only to the Latin American Integration Association (LAIA/ALADI).

On Wednesday (16), a working session in Brasília will take place involving the BRICS countries and Heads of State and Government from South America.

Translated by Mayra Borges