Trade and Industry Minister Rob Davies. Photo: Leon Nicholas.

The establishment of the long-awaited New Development Bank (NDB) this week was a major boon for the 2015 Brics/SCO Summit in Russia this week, South Africa’s Trade and Industry Minister Rob Davies said on Friday.

“There were a number of important agreements and documents that were tabled,” Davies said while speaking of the highlights of the two-day Brics/SCO (Shanghai Cooperation Organisation) summit ahead of his return to South Africa.

“The most important development is the establishment of the NDB and the appointment of the Bank’s leadership.”

With the NDB moving towards operationalisation, the next step was to set up the first regional bank to be housed in South Africa, Davies said.

Another highlight for Davies was the advances made in setting up the Contingent Reserve Arrangement (CRA).

The CRA would see Brics (Brazil, Russia, India, China, and South Africa) member states provide mutual financial support, and would exist as a contribution to the global financial safety net.

Several country-to-country agreements were also signed, and the intra-Brics economic cooperation strategy was adopted, while heads of state held top-level discussions.

“Brics is becoming a forum for cooperation in a range of areas,” said Davies.

“Its economic programme is continuing to create progress.”

ANA