UFA, July 9. /TASS/. Leaders of BRICS countries (Brazil, Russia, India, China and South Africa) have adopted the Ufa declaration, the final document of the summit in the capital of Russia's Volga republic of Bashkiria.

The ceremony of signing this and a range of other documents was held after the working session in an expanded format.

The declaration gives assessment on the current global political and economic situation and reflects the common approaches of the BRICS countries on the most topical issues of multilateral cooperation.

The leaders of Brazil, Russia, India, China and South Africa also adopted an Action Plan that details the work of the group for the upcoming year and also includes the new promising areas of cooperation.

Another final document approved at Russia’s initiative is the Strategy of Economic Partnership of BRICS countries up to 2020. It is aimed at expanding multilateral business cooperation with the goal of stepping up social and economic development and increasing the competitiveness of BRICS countries in the global economy.

Besides, a range of other documents were signed with the presence of the leaders, namely the Memorandum on mutual understanding between foreign policy agencies of the BRICS countries on creating a joint Internet website — a virtual secretariat of the group.

"This means that we start being institutionalized and turning into an organization with formal rules," Russia’s first deputy economic development minister, Alexey Likhachev, earlier told TASS.

The sides have also signed an agreement between the governments of BRICS countries on cooperation in culture and a memorandum of intent on cooperation with the New Development Bank between the National Bank of Social and Economic Development of Brazil, Russia’s Vnesheconombank (VEB), Export Import Bank of India, China Development Bank and Development Bank of South Africa.