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The two countries have made joint contributions to world economic recovery and cooperated closely when tackling global challenges such as terrorism and Ebola epidemic. Tangible results have been scored in arrangements for visa reciprocity and in jointly dealing with climate change.

Zhang and Shuvalov also witnessed the signing of a contract between Chinese and Russian companies to design a high-speed railway between Moscow and the southeastern Russian city of Kazan.

"Even acknowledging that China still has some large pockets of domestic poverty that need help, but there is a lot of learning from Chinese experiences for Africa," he said.

Economic and trade cooperation among the BRICS countries is in a period of vigorous development, he said, adding that he hopes the business community would make new contributions to promoting BRICS cooperation and advancing economic development in these countries.

Once the investment treaty is struck, it would require a two- thirds vote in the U.S. Senate for approval. "My feeling is the ratification will have to wait until after the next presidential election," said Huang.