Prime Minister has called upon BRICS nations – Brazil, Russia, India, China and South Africa – to jointly work in overcoming the challenges of the global economic slowdown. Addressing the plenary session of the 5th BRICS Summit at Durban today, Dr. Manmohan Singh said the impact of the financial crisis continues and BRICS nations will be key drivers of global economic growth.

He called for further sustaining economic growth by harnessing the vast opportunities for expanding trade and investment ties with the BRICS member nations. He said BRICS should individually and collectively work to make economic growth more broad based and inclusive.

Dr. Singh urged BRICS nations to jointly impress on international fora for reform of global institutions of political and economic governance in tune with the contemporary realities.

Handing over the BRICS Chairmanship to South Africa Dr. Singh expressed satisfaction at the progress during India's Chairmanship over the past years. He also conveyed profound gratitude to the member nations for their unstinted support to India in discharging its duties as Chair.

Dr. Singh expressed confidence that under South African President Jacob Zuma's leadership, intra-BRICS cooperation will be further strengthened and BRICS will emerge successful in its global role and relevance.

AIR Correspondent covering the summit reports that three agreements were signed by member nations including the formation of a BRICS development bank to finance development projects. A multi-lateral agreement on financing green economic project and also an agreement for infra structural co-financing for Africa was also signed today.

The leaders also formally announced the formation of a BRICS Business Council to create enabling environment for enhanced trade between member nations.