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South Africa holds resources worth an estimated $2.5 trillion. It's rich in gold, platinum, uranium, chrome and manganese ore, zirconium, vanadium, and titanium.
Two key institutions emerged from Durban's summit. A BRICS Joint Business Council (JBC) and Development Bank were announced.
JBC formerly functioned as a forum. It encourages free trade and investment. Two meetings will be held annually. Rotating chairmen will head them.
Each BRICS country chose five top business executives to represent them. They'll coordinate relations between member states and private sector players.
Separately, China and Brazil agreed to a bilateral currency swap line. It permits them to trade up to $30 billion annually in their own currencies.
Doing so moves almost half their trade out of US dollars. It suggests other BRICS partners will make similar moves.
They endorsed plans to create a joint foreign exchange reserves pool. Initially it'll include $100 billion. It's called a self-managed contingent reserve arrangement (CRA).
It's a safety net precaution. It's to strengthen financial stability. It's an additional line of defense.
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