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March 28, 2013

History of BRICS

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In the context of BRICS (Brazil, Russia, India, China and South Africa) meeting at Durban, South Africa, it’s pertinent here to discuss about it’s history.

History of BRICS Summit

In Goldman Sachs’ report in 2001 “Building Better Global economic BRICs”, Jim O’ Neill coined the acronym BRIC for the first time by saying that these four countries could become major economies by 2030. Eventually, first BRIC summit was held at Yekaterinburg, Russia in 2009. Before that foreign ministers of these countries met at New York in 2006. Later summits of these countries are

Summit
Participants
Date
Host country
Host leader
Location
1st
BRIC
June 16, 2009
Russia
Dmitry Medvedev
Yekaterinburg
2nd
BRIC
April 16, 2010
Brazil
LuizInácio 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
March 26–27, 2013
South Africa
Jacob Zuma
Durban

The rainbow institution BRIC became more colourful with the introduction of South Africa at Sanya, China in 2011. Now it became BRICS. Read about present BRICS summit 2013 here

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