BRICS Bank HQ in Shanghai, India gets first presidency

The BRICS also signed a Memorandum of Understanding on Cooperation among BRICS Export Credit and Guarantees Agencies that will improve the support environment for increasing trade opportunities among the member-countries. "We appreciate the progress our Development Banks havemade in enhancing and strengthening the financial ties among BRICS countries. Given the importance of adopting innovation initiatives, we welcome the conclusion of the Cooperation Agreement on Innovation within the BRICS Interbank Cooperation Mechanism", said the Declaration.