BRICS to Set UP Joint Business Council

Russia and four other major emerging economies on Wednesday agreed to set up a council that seeks to facilitate joint business projects.

But the five countries, known as BRICS, put off the establishment of a joint development bank, saying the move requires more work.

A brief dust-up involving President Vladimir Putin's security detail at one point disrupted the refined ambience of the meetings that the country leaders held in Durban, South Africa.

The BRICS Business Council brings together five representatives from each of the countries — Russia, China, Brazil, India and South Africa — and aims to strengthen trade and investment ties among their business people through technical support and advice.

"Business communities must focus on the search for new opportunities to start multilateral investment projects," President Vladimir Putin said at a BRICS meeting in Durban, South Africa. "The Russian government will provide all possible support to the work of business communities of our countries."

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