The New Development Bank is funding the building of a sustainable future.
Experts have hailed the entry of Middle Eastern countries into the BRICS bloc of developing nations, seeing it as bringing national shared interests closer together in a region long constrained by conflict.
President Xi Jinping on Thursday underlined the need for the international community to refocus on the development issue, and stressed that it is necessary to increase the representation and voice of developing countries in global governance and ensure they can achieve better development.
Enhanced cooperation and better coordination among BRICS countries — Brazil, Russia, India, China and South Africa — will bolster their economic growth and fortify the multilateral trading system, said market watchers and business leaders.
China's foreign trade with other BRICS countries-Brazil, Russia, India and South Africa-soared 19.1 percent year-on-year to 2.38 trillion yuan ($326.85 billion) in the first seven months of 2023, data from the General Administration of Customs showed.