Plan to cut red tape will help boost investment

A key outline document put together by commerce ministers will increase investment and stimulate growth in BRICS countries, a senior Chinese trade official revealed.

Eliminating red tape and streamlining regulations for companies should help open up markets and boost the investment environment for the bloc's members - Brazil, Russia, India, China and South Africa, he said.

"Strengthening investment among BRICS countries will help explore each nation's potential and will raise cooperation to a new level," said Hu Yingzhi, deputy negotiation commissioner at the Ministry of Commerce.