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Leaders of the BRICS met with South American leaders Wednesday at the 6th BRICS Summit in Brasília.
Leaders have discussed possibilities of BRICS investment in infrastructure projects across Latin America.
The Chinese President said BRICS need to work to improve economic governance at a global level.
The announcement was made after a plenary meet of the five BRICS heads of state in Fortaleza on Tuesday.
BRICS will launch a new development Bank during the plenary session today.
The five BRICS Trade Ministers met in Fortaleza on Monday ahead of the BRICS Leaders Summit.
BRICS members should see each other as gateways to the region, said the Russian BRICS Business Council member.
The two leaders met ahead of the 6th BRICS Summit in Brazil.
Brazil and Russia will sign a raft of cooperation agreements in energy, investment, innovation, agriculture, science and technology.
BRICS will get a new $100 billion development bank and a $100 billion Contingency Reserve Arrangement at the Summit.