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 and 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. Briefing newsmen about BUSSINESS FORUM discussions at Duban today, 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.

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 India-Russia relations after the successful Summit in Delhi in December last year. The two leaders are expected to discuss regional and international issues and also hold talks on enhancing civil nuclear cooperation and increasing bilateral trade.

Dr Manmohan Singh will also hold talks with South African President Jacob Zuma and the President of Brazil, Dilma Rousseff.