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Peoples Republic of China President:XiJinping Premier: Li Keqiang Republic of South Africa President:Jacob Zuma Federative Republic of Brazil President: Dilma Rousseff Russian Federation President:Vladimir Putin Prime Minister: DmitryMedvedev Republic of India President: Pranab Mukherjee Prime Minister: ManmohanSinghBRICS Nations
BRICS, originally "BRIC" before the inclusion of South Africa in 2010 It is the title of an association of emerging national economies:Brazil, Russia, India, China and South Africa. With the possible exception of Russia, the BRICS members are alldeveloping or newly industrialised countries But they are distinguished by their large, fast-growing economies andsignificant influence on regional and global affairs. As of 2013, the five BRICS countries represent almost 3 billionpeople, with a combined nominal GDP of US$14.9 trillion And an estimated US$4 trillion in combined foreign reserves. Presently, South Africa holds the chair of the BRICS group.Introduction
In 2012, Hu Jintao, who at the time was President of China, described theBRICS countries as defenders and promoters of developing countries and aforce for world peace. However, some analysts have highlighted potential divisions andweaknesses in the grouping, such as India and Chinas disagreements overterritorial issues, slowing economic growth rates, and disputes between themembers over UN Security Council reform.Continued…
The foreign ministers of the initial four BRIC states(Brazil, Russia, India, and China) met in New York City in September2006, beginning a series of high-level meetings. A full-scale diplomatic meeting was held in Yekaterinburg, Russia, onMay 16, 2008.History
• The BRIC groupings first formal summit commenced in Yekaterinburg on June16, 2009,• With Luiz Inácio Lula da Silva, Dmitry Medvedev, Manmohan Singh, and HuJintao, the respective leaders of Brazil, Russia, India and China, all attending.• The summits focus was on means of improving the global economic situation andreforming financial institutions, and discussed how the four countries could betterco-operate in the future.• There was further discussion of ways that developing countries, such as the BRICmembers, could become more involved in global affairs.• In the aftermath of the Yekaterinburg summit, the BRIC nations announced the needfor a new global reserve currency, which would have to be diversified, stable andpredictable.• Although the statement that was released did not directly criticise the perceiveddominance of the US dollar – something that Russia had criticised in the past – itdid spark a fall in the value of the dollar against other major currencies.1st BRIC Summit
• The 2010 BRIC summit took place in Brasilia, Brazil on April 16, 2010.• The acronym BRIC (for Brazil, Russia, India, China) was first used in aGoldman Sachs thesis projecting the economic potential ofBrazil, Russia, India and China.• Previously, the 1st BRIC summit took place in Yekaterinburg, Russia in2009 and discussed global issues. This years summit follows theWashington Nuclear summit hosted by U.S. President Barack Obama whichwas attended by all four BRIC states.• Between 2003 and 2007, BRIC countries carried 65% of the expansion ofglobal GDP.• In 2009, the combined PPP GDP of the BRIC countries was US$16.3trillion, or 23.4% of global total.• From 2003 to 2008, Brazil trade with the other BRIC countries increased by382%, or US$10.7 billion to US$51.7 billion2nd BRIC Summit
In 2010, South Africa began efforts to join the BRIC grouping, and theprocess for its formal admission began in August of that year. South Africa officially became a member nation on December24, 2010, after being formally invited by the BRIC countries to join thegroup. The group was renamed BRICS – with the "S" standing for South Africa –to reflect the groups expanded membership. In April 2011, the President of South Africa, Jacob Zuma, attended the 2011BRICS summit in Sanya, China, as a full member.Entry of South Africa
• The 2011 BRICS summit took place in Sanya on the island ofHainan, China, on 14 April 2011.• The meeting took place between the five heads of state/heads ofgovernment from the BRICS states following bilateral meetings in the priordays.• Background• Following a meeting in Brasilia in 2010, to which South Africa was invited as aguest, the group invited South Africa to join as a full member in 2011 and the groupformerly called BRIC officially became BRICS.• Theme and Vision• The Chinese president chaired the BRICS Leaders Meeting in southern Chinas resortcity of Sanya, and gave a speech under the theme of "Broad Vision, SharedProsperity." The theme was based under the vision as The 21st century should bemarked by peace, harmony, cooperation and scientific development.3rd BRICS Summit
• An international relations conference attended by the heads of state or headsof government of the five member states Brazil, Russia, India, China andSouth Africa.• The summit was held at at Taj Mahal Hotel in New Delhi, India on 29March 2012.• This is the first time that India has hosted a BRICS summit.• The theme of the summit was "BRICS Partnership for GlobalStability, Security and Prosperity".4th BRICS Summit
• An international relations conference attended by the head of states or headsof government of the five member states Brazil, Russia, India, China andSouth Africa.• The summit was held in Durban, South Africa in 2013.• This completed the first cycle of BRICS summits.• The summit commenced on 26-27 March, 2013.• Amongst the important issues being discussed was the creation of thedevelopment bank.• In follow up from the previous summit. It sought to create an infrastructure-focused bank.• The disputes over the bank were in regards to what it would do and how itwould provide an equitable return on the initial investment of aboutUS$10bn.5th BRICS Summit
The BRICS Forum, an independent international organisation encouragingcommercial, political and cultural cooperation between the BRICSnations, was formed in 2011. In June 2012, the BRICS nations pledged $75 billion to boost the lendingpower of the International Monetary Fund (IMF). However, this loan was conditional on IMF voting reforms. In late March 2013, during the fifth BRICS summit in Durban, SouthAfrica, the member countries agreed to create a global financial institutionwhich would rival the western-dominated IMF.Developments
The grouping has held annual summits since 2009, with member countriestaking turns to host. Prior to South Africas admission, two BRIC summits were held, in 2009and 2010. The first five-member BRICS summit was held in 2011. The most recent BRICS summit took place in Durban, South Africa, inMarch 2013.Summits
Summit Participants DateHostcountryHost leader Location1st BRIC June 16, 2009 Russia DmitryMedvedevYekaterinburg2nd BRIC April 16, 2010 Brazil Luiz InácioLula da SilvaBrasília3rd BRICS April 14, 2011 China Hu Jintao Sanya4th BRICS March 29, 2012 India ManmohanSinghNew Delhi5th BRICS March 26–27,2013South Africa Jacob Zuma Durban6th BRICS 2014 Brazil DilmaRousseffTBA