They have created a new paradigm for cooperation between emerging and developing countries since the mechanism was established in 2006 and much remains to be done.

The ministers agreed on e-commerce cooperation as a new driver of trade among BRICS nations. A plan on service trade was also agreed with expanded cooperation in tourism, education and health care.

The ministers also agreed to do more on intellectual property rights (IPR), particularly with regard to legislation and law enforcement.

Mutual investment can boost the global economy and employment. Outward bound BRICS investment was just under 197 billion U.S. dollars in 2016, but investment between the five nations accounted for only 6 percent of that.

Ministers recognized the need for policy transparency, improved efficiency and services, and capacity building for inclusive, sustainable growth.

"As the host of this year's meeting, China has confidence in implementing the consensus reached by leaders of BRICS nations. The Shanghai meeting sets the stage for the leaders summit later this year," Minister Zhong Shan said.

Holder of the BRICS presidency this year, China will host the ninth BRICS summit in September in Xiamen, Fujian Province.

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