New BRICS Strategy Emphasizes Importance of Transport in Facilitating Economic Development

At its seventh annual summit, the BRICS group of countries (Brazil, the Russian Federation, India, China and South Africa) announced the BRICS Economic Partnership Strategy through 2020, which aims to strengthen ties in transport, energy, and other sectors. The BRICS also adopted the New Development Bank and Contingent Reserve Arrangement, with a total capacity of US$200 billion.