Russian President Vladimir Putin (L), Indian Prime Minister Narendra Modi (3rd L), Brazil's President Dilma Rousseff (C), Chinese President Xi Jinping (4th R) and South African President Jacob Zuma (2nd R) walk after the welcoming ceremony during the BRICS Summit in Ufa, Russia, July 9, 2015. Ufa is hosting the BRICS and the Shanghai Cooperation Organization (SCO) summits from July 9-10. [Photo/Agencies]

Strategy will provide guideline to expand trade and investment

The BRICS group of five major emerging economies vowed to forge a closer economic partnership on Thursday by adopting a milestone blueprint for cooperation as they concluded an annual summit amid slowing growth in developed and emerging markets.

An agreement on the New Development Bank, a financial institution designed to support the BRICS countries' economic development and prevent financial crises, was also entered into force during the meeting in the Russian city of Ufa.

The Strategy for BRICS Economic Partnership will be "the key guideline" for expanding trade, investment and cooperation in wide-ranging areas including manufacturing and energy, according to the Ufa Declaration.

Observers said the landmark meeting has elevated the group's level of cooperation to a new high as the leaders mapped out a detailed road map and agreed on concrete plans.

President Xi Jinping called on the BRICS nations to identify key sectors for cooperation and increasingly integrate the newly adopted strategy with each member's development plans.

Members should promote the development of the bank's headquarters and a regional center in Africa, said Xi, who urged more countries to support the bank.

The Shanghai-based bank, with an initial authorized capital of $100 billion, plans to raise money both on local markets and internationally, and to issue its first loans in April next year, said its president, India's K.V. Kamath.

Russian President Vladimir Putin said the bank will focus on handling loans for large-scale joint projects in the transportation and energy sectors as well as in industrial development.