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1st BRIC summit Russia

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1st BRIC summit Russia

The inaugural BRIC summit took place in Yekaterinburg, Russia on June 16, 2009.The four heads of government from the BRIC countries attended. The acronym BRIC (for Brazil, Russia, India, China) was first used in a Goldman Sachs thesis projecting that the economic potential of Brazil, Russia, India and China is such that they may become among the five most dominant economies by the year 2050.Today, the four countries produce about 15 percent of the worlds gross domestic product and hold about 40 percent of the gold and hard currency reserves.Political dialogue between the BRIC countries began in New York in September 2006, with a meeting of the BRIC foreign ministers. Four high level meetings have followed, including a full scale meeting in Yekaterinburg, Russia, on May 16, 2008.The leaders discussed the current global financial crisis, global development, and further strengthening of the BRIC group.The BRIC leaders called for increased economic reform, demanding a greater voice and representation in international financial institutions, and their heads and senior leadership should be appointed through an open, transparent and merit based selection process.Amongst the important issues discussed were United Nations reform. We reiterate the importance we attach to the status of India and Brazil in international affairs, and understand and support their aspirations to play a greater role in the United Nations.Regarding the 2007


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