BRICS to deepen economic cooperation

The World Bank says the BRICS countries are driving 50 percent of global economic growth as Western economies continue to slump. Some Brazilian economists believe that China and Brazil, the two largest economies in the five-nation BRICS, should play bigger roles in driving deeper economic cooperation.

Moving away from the US dollar and euro.

Brazil's finance minister said that a currency swap agreement signed Tuesday could account for nearly half of his country's trade, outside of the US dollar zone.

Trade relations between China and Brazil have witnessed remarkable progress over the past decade.

China has became Brazil's largest trading partner, with trade passing over 85 billion US dollars in 2012.

An economics professor from the University of Sao Paulo believes the two sides should deepen cooperation.

Trade among the BRICS countries have increased 10-fold since 2002, totalling 282 billion US dollars in 2012.

As the euro crisis continues and the West shows little signs of growth, the World Bank says that global economic growth is increasingly dependent on the BRICS countries, which account for 27 percent of global purchasing power and 45 percent of the world's workforce.

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