Brazil, Russia, India, China and South Africa aim to conclude the setting up of a BRICS Development Bank at the next summit of the grouping, which will take place in Durban from March 25-27 next year.

South Africa’s Deputy International Relations and Cooperation Minister Marius Fransman said this would give a major boost to some of the development needs of these countries.

Fransman said South Africa’s overall trade with BRICS countries has more than doubled from $9.2 billion in 2005 to $20.4 billion in 2010, while Africa’s trade with BRICS countries is expected to reach one-third of the total trade on the continent in 2015, up from one-fifth of the total trade in 2010.

“At the last BRICS summit in New Delhi in March, leaders of the five countries considered a proposal to set up a BRICS-led South-South development bank, funded and managed by BRICS and other developing countries.

“The International Relations and Cooperation Department, under an initiative led by Director-General Ambassador Jerry Matjila, is also considering setting up a think-tank to look at diplomatic and economic opportunities between South Africa and its BRICS partners,” Fransman said in a statement released here.

(This article was published on November 26, 2012)
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