BRICS

BRICS is a platform for dialogue and cooperation amongst countries that represent 43% of the world’s population and one – fourth of the global economy, for promotion of peace, security, and development in a multi – polar, inter – dependent and increasingly complex, globalizing world. The BRICS nation together command about 20% of world GDP and 17% of global exports. BRIC was an acronym first coined by Goldman Sachs economist Jim O’ Neill in 2001. O’ Neill predicts the bloc’s total GDP will be larger than the United States within three years and China’s economy alone will overtake the United States by 2027.

Prime Minister of India, Manmohan Singh, Chinese President Hu Jintao, Russian President Dmitry Medvedev^*, Brazilian President Dilma Rousseff and South African President Jacob Zuma concluded their fourth BRICS summit by renewing the pitch for reforming global governance and closer consideration on global issue.

BRICS

The First Summit                    -        Yekaterinburg, Russia (June 2009)

The Second BRIC Summit      -        Brasilia, April 2010

Third BRICS Summit              -        Sanya, China, April 2011

Fourth BRICS Summit            -        Delhi, March 2012

Fifth BRICS Summit               -        to be held in South Africa in 2013

^{*Vladimir Putin is the president of Russia from May 7, 2012.}