The annual BRICS summit has concluded in Goa, India with outreach talks with the BIMSTEC group.

The BRICS is a cooperation organization of five countries, Brazil, Russia, India, China and South Africa. The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) bloc consists of Bangladesh, India, Myanmar, Sri Lanka, Thailand, Bhutan and Nepal.

This was the first time BRICS and BIMSTEC held joint discussions, China's CCTV said.

After ten years of development, BRICS is enlarging its network. For the first time, they held talks with leaders of the BIMSTEC bloc, a group of developing countries with an average annual growth rate of around 6.5%, CCTV reported.

"Members of BRICS and BIMSTEC are at a similar stage of development and complement each other in resources and specialties. Both blocs possess the foundation and factors to cooperate. We should strengthen political communication and coordination. One country should create opportunities for other bloc members as it develops its own economy. Countries should firmly support regional development in an open and inclusive way, establishing an industrial network to take advantage of each other's specialties and advantages," Chinese President Xi Jinping said.

New partners have been found, but there are still clouds on the horizon for the global economy. President Xi called for more confidence-building measures to help promote recovery. 

"We launched the New Development Bank and the contingent reserve arrangement advanced cooperation on energy conservation and efficiency, and enhanced our cooperation on climate change. We must ensure the success of the New Development Bank and the contingent reserve arrangement-- the two mechanisms will provide strong support for the economic well-being of developing countries," President Xi said.

Economic cooperation within BRICS continues to rise  - at the conclusion of this year's summit it was announced to establish a new credit ratings agency and step up the fight against tax evasion. At a press conference, international news media witnessed the signing of agreements on agricultural study, diplomatic institutions and customs cooperation.

Indian Prime Minister Narendra Modi emphasised counter-terrorism measures.

With a shaky global economy, a peaceful and stable environment with BRICS is more urgently needed than ever before.