CAPE TOWN: Brics member states Brazil, Russia, India, China and South Africa cheered new integration trends with the announcement of the formation of the BRICS Development Bank, ahead of the group`s upcoming forum in July
Vice-Chairman of the Chinese Committee for promotion of international trade Yu Ping declared at a BRICS business conference in St. Petersburg on 25 June 2015 that “BRICS is a very attractive organisation for China, and the Chinese business circles are pinning great hopes on cooperation”, TASS news agency reported.”Our countries have been united by a tremendous market. We see a high pace of trade development and a tremendous potential in other fields,” the Chinese representative said.
Didar Singh, general secretary of the Federation of Indian Chambers of Commerce and Industry, said that the suggested charter capital of BRICS Bank may amount initially to $50 billion with further growth to $100 billion.”I think the initial goal is 50 but the objective is 100b dollars,” Didar Singh said, adding, “I believe $100 billion is what the aim is. This will be a big stimulus definitely.”
