OREANDA-NEWS. The definition of the governance and objectives of the BRICS Business Council were the main items on the agenda at the inaugural meeting, which took place this month in Johannesburg, South Africa. Created in March this year by the Heads of State of Brazil, Russia, India, China and South Africa, the council consists of representatives from the private sector of the five member states. The council's objective is to strengthen the economic and commercial ties between members. Vale is one of five Brazilian companies forming part of the group.

Concurrent with the meetings of the council's co-presidents, a more wide-ranging conference also took place, during which matters such as infrastructure, mining, energy, health and tourism were debated. More than 150 private sector representatives from the BRICS member states took part in the forum, which included a Brazilian delegation organized by the country's National Confederation of Industry (CNI).

With a platform for the promotion of exchanges between the five countries, the council's objective is to encourage the exchange of good practices and the promotion of public-private partnerships. The next summit will take place in Brazil, in March 2014.