The BRICS summit took place on Wednesday and Thursday in Brazil.

The leaders of the emerging economies of Brazil, Russia, India, China, and South Africa met to discuss new economic opportunities and political disagreements. At the top of the agenda, the leaders discussed ways in which they can encourage further investments into their countries’ economies. The global economic slowdown has hit the BRICS countries particularly hard, spurring the need for further collaboration within the economic bloc. China is Brazil’s largest trade partner, with $98.7 billion being transferred between the two countries last year.

Among the significant news to come from the meeting, China has authorized exports from 45 of Brazil’s meat plants. The negotiations leading up to this have been ongoing. Two Chinese state-run oil companies and Brazil’s Petroleo Brasileiro SA also placed bids in a massive oil auction leading up to the meeting. Regarding the wider meeting, Chinese officials commented that they hope the bloc can “uphold multilateralism in the face of unprecedented challenges and rising protectionism”. There is no doubt the officials were referring to the US-China trade war.

The meeting didn’t come without controversy, however. There is a clear split within BRICS regarding views on the crisis in Venezuela. Brazil’s new far-right president is upset with the current situation in socialist-led Venezuela, while Russia and China have been backing the current regime throughout the crisis. The two sides agreed to discuss their opposing views in private, while agreeing to keep their disagreements out of the joint declaration that rounded up the discussions. All parties agreed to keep the focus of the summit squarely on economic challenges amid a slowing global economy.