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A major priority for South Africa during the Summit will be the establishment of a BRICS Development Bank.
Xi Jinping says the two countries need to boost bilateral people-to-people exchanges.
Russia and India have argued for the need to form an international BRICS credit rating agency to "offset biased agendas".
The Indian Prime Minister says that BRICS should play a role in advocating peace and stability in the world.
Brazil say that BRICS are countries of highlight and should have a more permanent role on the IMF's governance.
President Rousseff has led a number of initiatives to boost GDP after a lackluster 2012 performance by Brazil.
China agreed to double oil supplies and has thrown support behind construction of a natural gas pipeline from Russia.
BRICS members advocate the creation of a just system of global economic relations, said the Russian president.
BRICS nations contributed roughly $2.2 trillion in economic growth last year.
The Indian prime minister will get the opportunity to hold dialogue with the new Chinese president at the BRICS Summit.
