The BRICS Business Council (BBC) is a permanent, independent institution that serves as a platform for dialogue between the business communities and the governments of the BRICS member states. It was established in 2013 during the Fifth BRICS Summit held in Durban, South Africa, with the primary goal of strengthening and promoting economic, trade, and investment ties among the member countries. The problem it solved was the need for a formal mechanism to ensure regular communication between the private sector and the BRICS leaders, allowing business concerns and proposals to be elevated to the highest political level.
The Council works by bringing together senior industry leaders, with 25 entrepreneurs initially representing the five founding nations, and now comprising representatives from all member countries. The BBC is structured into national chapters and operates through specialized Working Groups that focus on key sectors like Agribusiness, Financial Services, Manufacturing, Infrastructure, and the Digital Economy. These Working Groups develop strategic recommendations to enhance economic integration and improve the business environment across the bloc. The Council convenes twice a year, including a meeting before the BRICS Summit, where it presents its final recommendations in the BRICS Business Council Annual Report to the Heads of State.
The BBC is closely connected to the broader BRICS grouping, which is a multilateral platform for consultation and cooperation on global issues. It works in parallel with other BRICS mechanisms, such as the New Development Bank (NDB), which focuses on sustainable infrastructure and development projects. The Council's structure has changed recently due to the expansion of the BRICS grouping. Following the expansion in 2024 and 2025, the BBC's membership now covers eleven countries: Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, UAE, Indonesia, and Saudi Arabia. This expansion significantly enhances the Council's influence and its focus on areas like supply-chain resilience, artificial intelligence, and the use of national currencies in settlements.