CARACAS, Venezuela (Xinhua) — A regional seminar on economic and financial ties between the BRICS group and Latin America and the Caribbean will be held on October 8 in Venezuela, the Latin American and Caribbean Economic System (SELA) announced on Wednesday.

The meeting aimed to identify and evaluate the opportunities in the areas of economy, trade and finance.

Also on the agenda are the development of the BRICS countries, grouping Brazil, Russia, India, China and South Africa; the characteristics, structure and projects of the New Development Bank; and the prospect of its relations with financial development institutions of Latin America and the Caribbean, according to the SELA.

Emphasis will be put on identifying financial arrangements to improve the participation of the SELA members.

Participants of the seminar will include representatives of members of both sides, officials of the Development Bank of Latin America, the Caribbean Development Bank and the Central American Bank for Economic Integration, as well as experts from regional and international organisations.

Established in 1975, the SELA is a regional intergovernmental organisation that provides consultation and coordination on economic issues.