“The aim of brics is to convert their growing economic power into greater geopolitical clout”
BRICS is the title of an association of leading emerging economies, arising out of the inclusion of South Africa into the BRIC group in 2010. As of 2012, the group's five members are Brazil, Russia, India, China and South Africa. With the possible exception of Russia, the BRICS members are all developing or newly industrialised countries, but they are distinguished by their large, fast-growing economies and significant influence on regional and global affairs. As of 2012, the five BRICS countries represent almost 3 billion people, with a combined ...view middle of the document...
A full-scale diplomatic meeting was held in Yekaterinburg, Russia, on May 16, 2008.
Summit | Participants | Date | Host country | Host leader | Location |
1st | BRIC | June 16, 2009 | Russia | Dmitry Medvedev | Yekaterinburg |
2nd | BRIC | April 16, 2010 | Brazil | Luiz Inácio Lula da Silva | Brasília |
3rd | BRICS | April 14, 2011 | China | Hu Jintao | Sanya |
4th | BRICS | March 29, 2012 | India | Manmohan Singh | New Delhi |
5th | BRICS | 2013 | South Africa | Jacob Zuma | TBA |
The BRIC grouping's first formal summit commenced in Yekaterinburg on June 16, 2009,with Luiz Inácio Lula da Silva, Dmitry Medvedev, Manmohan Singh, and Hu Jintao, the respective leaders of Brazil, Russia, India and China, all attending. The summit's focus was on means of improving the global economic situation and reforming financial institutions, and discussed how the four countries could better co-operate in the future. There was further discussion of ways that developing countries, such as the BRIC members, could become more involved in global affairs.
In the aftermath of the Yekaterinburg summit, the BRIC nations announced the need for a new global reserve currency, which would have to be 'diversified, stable and predictable'. Although the statement that was released did not directly criticise the perceived 'dominance' of the US dollar – something which Russia had attacked in the past – it did spark a fall in the value of the dollar against other major currencies.
In 2010, South Africa began efforts to join the BRIC grouping, and the process for its formal admission began in August of that year. South Africa officially became a member nation on December 24, 2010, after being formally invited by the BRIC countries to join the group. The group was renamed BRICS – with the "S" standing for South Africa – to reflect the group's expanded membership. In April 2011, South African President Jacob Zuma attended the 2011 BRICS summit in Sanya, China, as a full member.
The BRICS Forum, an independent international organisation encouraging commercial, political and cultural cooperation between the BRICS nations, was formed in 2011.
In June 2012, the BRICS nations pledged $75 billion to boost the International Monetary Fund's lending power. However, this loan is conditional on IMF voting reforms.
2012 BRICS Summit
The 2012 BRICS summit was the fourth annual BRICS summit, an international relations conference attended by the heads of state or heads of government of the five member states Brazil, Russia, India, China and South Africa. The summit was held at at Taj Mahal Hotel in New Delhi, India on 29 March 2012 and began at 10:00 Indian Standard Time. This is the first time that India has hosted a BRICS summit. The theme of the summit was "BRICS Partnership for Global Stability, Security and Prosperity".
Preparations for the summit began...