The Brazil, Russia, India, China and South Africa (Brics) bloc and Africa will forge a closer partnership for development integration and industrialisation, with Brics countries actively supporting infrastructure development and industrialisation on the African continent to contribute to its development and expand trade links.

This was one of five points of agreement reached during the Brics Business Forum, which saw leaders in the public and private sectors engage on key issues in the lead-up to the fifth yearly Brics Summit, held in Durban in 2013.

A joint statement issued after the forum noted that the global economic situation, although improving, continued to be uncertain, with the Eurozone crisis remaining a major concern.

“The recovery seen in the US and the continued steps taken by the Eurozone countries to address the sovereign debt crisis are worth noting. The task ahead is to build on these developments and Brics countries remain committed to the cause of promoting sustainable growth.”

It also emphasised that greater economic cooperation among Brics countries was imperative. This would help tackle some of the domestic challenges faced by each of the Brics countries, as well as spur global economic growth.

Throughout the day’s discussions, two key elements remained top of mind – the creation of a Brics Business Council, which is expected to drive public–private partnerships and the establishment of a Brics development bank.

“The establishment of the Brics Business Council is supported as a practical measure that will deepen economic engagement among Brics countries. Trade and investment are the two pillars of economic engagement. We should look to continue enhancing intra-Brics trade to achieve at least $500-billion by 2015.

“It is essential to improve the quality of trade by focusing on more value-added trade in all three sectors, namely manufacturing, services and agriculture. Likewise, we should capitalise on opportunities in sectors such as agriculture and agroprocessing, energy, sustainable development, infrastructure, mining beneficiation, pharmaceuticals and information and communication technology,” the statement said.

Mining magnate Patrice Motsepe, who would head up the South African chapter of the Brics Business Council, said he was confident that intra-Brics trade targets would be easily achieved by 2015.

However, he cautioned against an obsession with protecting markets from competitors.

“A lot more can be done to create space for all of us. We are trying to create multilateral trust, to help people realise that further growth benefits us all,” he said.