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The BRICS countries make up about 40% of the world’s population and a combined economy of about $16 trillion.
Russian President Vladimir Putin on Wednesday held bilateral talks with his Chinese counterpart Xi Jinping in Ufa on the sidelines of the 7th BRICS Summit. “The two presidents exchanged views
The Council was established in 2013 to serve as platform to boost trade between the five countries.
China's stock market has been in a downward spiral since hitting a peak in June, with the benchmark Shanghai Composite Index shedding more than 30%
China is now South Africa's largest export partner.
The finance chiefs also discussed the key points incorporated in the Leaders Declaration that will be unveiled at the end of the 2-day summit in Russia.
China is adding cash to the financial system to keep borrowing costs from climbing as banks hoard funds to meet quarter-end regulatory requirements.
Lending from existing global multilateral lenders like the World Bank and the IMF comes with “too many strings attached”, Zuma said.
Greek Premier Tsipras has said his government is ready to return immediately to negotiations.
