BRICS countries' summit calls for intensified industrial development

MOSCOW – A summit of the BRICS countries has concluded with a declaration calling on the five member states to intensify their industrial development.

BRICS is an economic grouping of Brazil, Russia, India, China and South Africa. Russia, the host nation for this year’s summit, in the city of Ufa, is regarded as having an economy overly reliant on extractive industries, particularly oil and gas whose falling prices over the past few months have put the economy under pressure.

The declaration on Thursday said “increasing production and export of high value-added will help BRICS countries enhance their national economies, contribute to their participation in global value chains and improve their competitiveness,” according to Russian news agencies.