The Ufa Declaration points to the industrial development as the key source of growth for the group: "We recognize that industrial development is a fundamental source of growth for the BRICS countries, which possess ample natural resources and significant labor, intellectual and technical capacities. Increasing production and export of high value-added goods will help BRICS countries enhance their national economies, contribute to their participation in global value chains and improve their competitiveness," the declaration said.
"In this connection, we reaffirm the unique mandate of the United Nations Industrial Development Organization (UNIDO) to promote and accelerate inclusive and sustainable industrial development," the declaration said.
"We are convinced about the importance of economic growth based on the balanced development of all economic sectors and on the development and introduction of advanced technologies and innovations, the mobilization of resources from financial institutions and the encouragement of private investment," it said.
"In this context, we note the potential to boost collaboration in developing technology and innovation in the potential sectors of BRICS economies, such as mining and metal industry, pharmaceuticals, information technology, chemicals and petrochemicals, both in the area of exploration and extraction of natural resources and in their processing, transformation and use, including through the promotion of a favourable investment climate and the implementation of mutually beneficial joint projects," the document said.
"We stress the importance of intensifying cooperation of industrial production capabilities, establishing industrial parks and clusters, technology parks and engineering centers with a view to developing and introducing cutting-edge technologies, providing training for engineering and technical personnel and managers," it said.
"We highlight that encouraging investment in priority areas such as infrastructure, logistics and renewable sources of energy is a strategic goal for the sustainable growth of our economies. We reiterate our interest in joining efforts in order to face the challenge of competitiveness," the declaration said.
"In this regard, the BRICS countries agree to collaborate for the promotion of investment opportunities in railways, roadways, seaports and airports among our countries," it said.
National currencies
"We acknowledge the potential for expanding the use of our national currencies in transactions between the BRICS countries," the document reads. "We ask the relevant authorities of the BRICS countries to continue discussion on the feasibility of a wider use of national currencies in mutual trade."
BRICS countries have confirmed their adherence to developing international standards in tax sphere.
"The BRICS countries reaffirm their commitment to participate in the development of international standards of international taxation and cooperation for countering the erosion of tax base and profit shifting, as well as to strengthen mechanisms for ensuring tax transparency and to exchange information for taxation purposes," the declaration says.
"We remain deeply concerned about the negative impact of tax evasion, harmful practices, and aggressive tax planning which cause erosion of tax base. Profits should be taxed where the economic activities driving the profits are performed and value is created."
Multilateral policy
The final summit declaration seeks to strengthen multilateral approaches to global affairs. "We affirmed the need for comprehensive, transparent and efficient multilateral approaches to addressing global challenges, and in this regard underscored the central role of the United Nations in the ongoing efforts to find common solutions to such challenges," the BRICS leaders said in the declaration.
"We expressed our intention to contribute to safeguarding a fair and equitable international order based on the purposes and principles of the UN Charter and to fully avail ourselves of the potential of the Organization as a forum for an open and honest debate as well as coordination of global politics in order to prevent war and conflicts and promote progress and development of humankind."
"We recall the 2005 World Summit Outcome Document and reaffirm the need for a comprehensive reform of the United Nations, including its Security Council with a view to making it more representative and efficient so that it could better respond to global challenges. China and Russia reiterate the importance they attach to the status and role of Brazil, India and South Africa in international affairs and support their aspiration to play a greater role in the UN," the declaration reads.
In April, Russia took over BRICS chairmanship, the 7th BRICS summit held in July 2015. Leaders of Russia, Brazil, India, China and South Africa (BRICS countries collectively represent about 26% of the world’s geographic area and are home to 42% of the world’s population) made the summit’s key topic "BRICS Partnership — a Powerful Factor in Global Development," the summit ended in Ufa, the capital of Russia's Volga republic of Bashkiria.
By Kester Kenn Klomegah
The author is a former editorial staff of The Moscow Times, contributes articles to Inter Press Service (IPS) and is a keen foreign policy observer and an independent researcher on China's and Russia's policy in Africa. In 2004 and 2009, he won the Golden Word Prize for series of analytical articles highlighting Russia's economic cooperation with African countries. (This article was originally published by Buziness Africa)