BRICS countries have deepened ties over past decade

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This year marks the 11th year of cooperation among the BRICS nations. During the past decade, BRICS – Brazil, Russia, India, China and South Africa – has emerged as one of the most promising economic groups in the world.

From 2007 to 2017, the economic volume of the five countries rose from 12 to 23 percent of the world's total, trade volume moved from 11 to 16 percent and foreign investment from 7 to 12 percent. The five have contributed over half of the world's economic growth, benefiting over 3 billion people.

The New Development Bank and the Contingent Reserve Arrangement, the financial architecture of BRICS, are expected to provide 8 billion US dollars in loans to 35 major projects this year.

At the same time, several documents were assigned in last year’s leaders' summit in Xiamen, China. They include the Action Agenda on Economic and Trade Cooperation, Action Plan for Innovation Cooperation and the Strategic Framework of BRICS Customs Cooperation. These documents have provided a blueprint for the group's future development.

Earlier this month, BRICS think tanks gathered in Johannesburg, contributing their wisdom to global governance in the interests of the people.