First BRICS science and technology ministers meet

The new council linked business communities across the five countries and aimed to encourage trade, investment and job creation.

Leaders endorsed a continuing network of research institutions to inform cooperation and exchange knowledge.

The BRICS–Africa Dialogue Forum discussed infrastructure and regional integration, widening engagement beyond the group’s five members.

Representatives of the five countries met near Stellenbosch to develop cooperation following the council’s establishment in Durban.

The forum addressed city planning, sustainable urban economies and exchanges among member countries.

The leaders emphasized inclusive growth, multilateralism and outreach to other developing countries while approving new financial institutions.

The founding agreement established a bank to mobilize finance for infrastructure and sustainable development in BRICS and other emerging and developing countries.

The five states signed a separate mutual reserve arrangement designed to help members facing short-term balance-of-payments pressure.

The leaders decided that the new bank would be headquartered in Shanghai and would establish an African regional centre in South Africa.

In Brasília, the five BRICS leaders met heads of government from South America, extending dialogue on development and regional cooperation.