THE collective strength of BRICS is a crucial factor in the global economy, South African President Jacob Zuma said at the 5th BRICS Summit starting in Durban calling for an increased support for the reform of international financial institutions which was evident from the fact that in 2012, BRICS economies served as a safeguard in the global economy, when most developed economies witnessed sharp slowdowns or negative growth.

At a global level, there is need for increased support for the reform of International Financial Institutions, the revival of the Doha Development Agenda, as well as the reform of the United Nations, including the UNSC.

To further expand economic relations, a BRICS Business Forum would take place parallel to the BRICS Summit today, focusing on infrastructure, energy, financial services, mining and beneficiation as well as agro-processing. The Heads of State and Governments of the BRICS member countries would receive the recommendations of the BRICS Business Forum, which would also result in launch of the BRICS Business Council during the Summit.

Other activities at the Summit were the proposed BRICS Trade and Risk Development Pool which will harness the collective and reinsurance capacity as well as facilitate intra-BRICS Trade and Investment.Besides the focus on establishment of the BRICS Development Bank to assist in mobilizing resources for infrastructure and sustainable development projects in BRICS and other emerging economies was also discussed.