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In 2010, India and China set a target to reach $100 billion in bilateral trade by 2015.
By 2020 the total GDP for African countries will reach $2.6 trillion, according to forecasts.
Human resource development and capacity-building assistance are at the core of India’s cooperation with Africa.
Heads of state established a Business Council, pledged a $100bn currency fund, and agreed to set up the BRICS Bank.
The leaders announced the establishment of a contingency reserve arrangement of $100 billion for BRICS nations.
The BRICS Business Council will consist of 25 members with five from each nation.
A high-level delegation from Rosatom attended the BRICS Business Council meet yesterday.
South African mining magnate Patrice Motsepe has been chosen as the first chairperson of the BRICS Business Council.
The World Bank has offered to share expertise with the new BRICS Bank.
The Indian prime minister has assured President Putin about the progress of the atomic power reactor Kudankulam plant.
