"[There] is a growing view that emerging economies should shape their own future, create their own institutions," he told the ANC Progressive Business Forum BRICS colloquium, ahead of the party's four-day policy conference in Midrand.

This would be fleshed out at the colloquium and over the next few days at the policy conference, he said.

He said the BRICS – Brazil, Russia, India, China and South Africa group of economies – was a "major force to be reckoned with".

The BRICS grouping accounts for more than 40% of the world gross domestic product.

Phosa called on the private sector to take advantage of the BRICS relationship.

"Whenever our leaders sit... and sign agreements... it becomes important that we as private sector should make follow ups, should network, should do the deals."

The ANC policy conference would debate and decide new policies. These would then be confirmed at the party's elective conference in Mangaung in December.