At the end of hectic discussions on the opening day of the Durban summit, the BRICS countries today finalized the modalities on the formation of BRICS BUSINESS COUNCIL, an enabling body to increase trade and facilitate free flow of people between member nations. The trade ministers, industry leaders from the delegations accompanying the leaders agreed to nominate 5 members from each nation into the BRICS BUSSINESS COUNCIL.

AIR Correspondent reports that the formal announcement of the Council is to be made in the presence of BRICS leaders. Breifing newsmen at Duban today about BUSSINESS FORUM discussions, President FICCI, Ms. Naina Kidwai who led the indian industry delegation, said, the BRICS BUSSINESS COUNCIL is also a major step towards working out the details towards formation of the BRICS Development Bank. She also said, it has also been decided that the next BRICS summit will be held at Brazil.

Food security, infrastructure, Agriculture, Health care and energy efficiency are major areas that evoked keen interest among business leaders from BRICS countries in their discussions today. Members from Industry bodies of FICCI, ASSOCHAM and CII represented India in the meeting of Chamber of commerce of BRICS countries. The Indian industry is also set to become proactive within BRICS members contributing its expertise in areas of IT, Education and pharmaceuticals among others.

The finalization of the BRICS BUSINESS COUNCIL will create and enabling environment for free trade within member countries and also with Africa. Infrastructure for Africa also gained attention as the continent offers tremendous development potential. All indications are that the BRICS nations are emerging stronger in their economic engagements as they move forward in fast tracking growth and contributing to global economic recovery.

Prime Minister Manmohan Singh will hold bilateral talks with Russian President Vladimir Putin a shortwhile from now on the sidelines of the Summit . Both the leaders will review the progress in bilateral relations and regional and international issues .

Dr Manmohan Singh will also hold talks with South African President Jacob Zuma and the President of Brazil, Dilma Rousseff. The next BRICS Summit will be held at Brazil.