Over the past 10 years, BRICS countries have carried out substantial cooperation in an array of areas, laying a firm foundation for the bloc to play a larger role on the world stage, including in the global efforts to tackle climate change and promote sustainable development.

One of the most important achievements of BRICS in its first decade was the establishment of the New Development Bank, created in 2014, which fills a critical gap in project funding, South African President Cyril Ramaphosa said during the BRICS Business Forum on Wednesday. The bank has made loans totaling $5.7 billion to over 20 sustainable projects from the BRICS countries, NDB officials said.

BRICS has increased people-to-people ties, including through museum exhibitions, film festivals and educational programs, in order to boost understanding and trust between member states and consolidate the foundation for closer partnerships.

The group's performance has surpassed initial expectations, Anil Sooklal, South Africa's ambassador for BRICS, said at a news briefing, adding that BRICS is impacting the global stage more than ever before.

BRICS also has grown into a significant force to safeguard and promote international fairness and justice.

Its members have helped increase the representation of developing countries in the International Monetary Fund and the World Bank in recent years, making the bloc - representing about 40 percent of the global population and a quarter of the world economy - an accelerator in reforming the global economic governance system.

Despite great headway, one of the biggest challenges that BRICS faces now is the rapid change in the global order that has made member countries prominent actors in regional and global affairs, said Iqbal Surve, chairman of the South African chapter of the BRICS Business Council.

Xinhua contributed to this story.