BRICS

BRICS is the acronym for an association of five major emerging national economies: Brazil, Russia, India, China and South Africa. Earlier it was known as BRIC before the joining of South Africa in 2010.The common thing among all the BRICS nations is that all are developing and fast growing countries. The BRICS nations are also the members of G-20.

As of 2013, the five BRICS countries represent almost 3 billion people, with a combined nominal GDP of US$16.054 trillion and an estimated US$4.3 trillion in combined foreign reserves. At present South Africa chairs the BRICS.

The five countries India, China, Brazil and Russia first met in New York in September 2006 since then The BRIC first formal summit, held in Yekaterinburg, on 16 June 2009. Improving the global economic condition ,enhancing the standard of financial institutions, and strategizing how the four countries could better co-operate in the future was the subject matter of the summit.

Summits

 

1st   16 June 2009 Yekaterinburg Dmitry Medvedev (President)

2nd 16 April 2010 Brasília Luiz Inácio Lula da Silva (President)

3rd   14 April 2011 Sanya Hu Jintao (President)

4th   29 March 2012 New Delhi Manmohan Singh (Prime Minister)

5th   26–27 March 2013 Durban Jacob Zuma (President)

6th   2014 Fortaleza Dilma Rousseff (President)

7th   2015 Ufa  Vladimir Putin (President)