On July 15, the first day of the 6th BRICS Summit in Fortaleza, Brazil, the Emerging Countries Group signed the much-anticipated document on the creation of the $100 billion New Development Bank (formerly known as the BRICS Development Bank) and a pool of more than $100 billion in reserves. Documents on cooperation between BRICS export credit agencies and an innovation cooperation agreement were also falsified. [Citation required] Africa should strive to establish partnerships with the BRICS to exploit potential green technological opportunities, which are rapidly becoming the dominant driver of innovation in the direction of sustainable development. For example, in 2012, China added 23.1 GW of clean energy capacity and invested $65.1 billion in clean and renewable energy. Africa has an opportunity to take advantage of the multilateral innovation agreement between the BRICS, which was formalized at the sixth summit in Brazil. The agreement aims to support projects and initiatives that promote investment in technological innovation, with a focus on infrastructure and sustainable energy, as well as innovation in processes and products in different sectors of industry, services and the agricultural economy. China has 16 free trade and investment agreements with its trading and investment partners and is negotiating or executing eight others. China`s free trade partners are ASEAN, Singapore, Pakistan, New Zealand, Chile, Peru, Costa Rica, Iceland, Switzerland, Maldives, Georgia, Hong Kong, Macao and Taiwan. China has also recently signed free trade agreements with Korea and Australia, both of which contain investment details. With regard to the DBA, China has concluded numerous agreements, including with BRICS members, India, Russia and South Africa, as well as with EAEU members. Brazil is a member of the Mercusor Free Trade Market, which includes Argentina, Paraguay and Uruguay.

Mercusor acts as a customs union in which there is free intra-zone trade and a common trade policy between member states. It is the fourth largest trading bloc in the world after the EU, NAFTA and ASEAN. Mercosur is home to more than 250 million people and accounts for nearly three-quarters of total economic activity in South America. For the rest, Brazil has not been particularly active in signing global free trade, and does not agree with any of the other BRICS, although it has a preferential agreement with India and the South African Customs Union via Mercusor. It is clear that greater harmonisation needs to be achieved between the BRICS with regard to bilateral agreements, some of which still need to be clarified if the bloc`s ambition to increase trade between them is taken into account.