The eighth summit of the Brazil Russia India China and SA economic bloc is themed: "Building responsive, inclusive and collective solutions" and aims to build economic growth and prosperity.

On the agenda for the summit is intra-Brics co-operation on global issues including terrorism and what the bloc considers the "democratisation" of the United Nations and Bretton Wood institutions such as the International Monetary Fund.

If all goes according to plan, the Goa Declaration and Action Plan will be among initiatives agreed to.

Independent Group chair Iqbal Surve will be a familiar face among the working group chairs from South Africa to the Brics Business Council, which will also meet the Brics leaders.

Surve will chair the ICT working group.

The others are Siyabonga Gama, Infrastructure; Slauzy Mogami, Agri-Business; Sunil Genesis, Deregulation; Stavros Nicolau, Manufacturing; Brian Dames, Energy and Bhabhalazi Bulunga for Skills Development as well as Dr Danisa Baloyi and Khanyisile Kweyama as leaders of the Black Business Council and Business Unity South Africa respectively.

Minister of Trade and Industry Rob Davies is part of an advance party to New Delhi for the Brics Trade Fair and a meeting of Brics trade ministers and the Brics Business Forum.

Increased imports

Ahead of the summit South Africa lost 3-0 to Brazil and played to a goalless draw with China in the Brics Under 17s Football Club tournament.

According to the Presidency, in 2015 total intra-Brics trade amounted to R3.1 trillion.

South Africa's exports to Brics countries increased from R123bn in 2011 to R147bn in 2015.

In the same period SA imports from Brics countries also increased from R115bn to R270bn. Total Intra-Brics foreign direct investment was R554 trillion at the end of February 2016.

The Presidency said that work on establishing the New Development Bank with member states contributing the equivalent of US$100bn had reached the point where all major operational policies and procedures for the bank had been finalised.

The board approved the first set of projects with a total commitment of US$811m and another project for another US$100m is currently under consideration. All are "broadly" in the renewable energy fields.

SA also received a loan worth US$180m for an Eskom project.

Zuma's delegation will include International Relations and Co-operation Minister Maite Nkoana-Mashabane; Davies; Minister of Science and Technology Naledi Pandor; Minister of State Security David Mahlobo; Minister of Small Business Development Lindiwe Zulu and the Deputy Minister of Finance Mcebisi Jonas.

- News24.com