As of 2011, the five BRICS countries represent roughly one third of the world's total population, with a combined nominal GDP of US $ 13.6 Trillion and as estimated US $ 4 Trillion in combined foreign reserves.
The foreign ministers of the BRICS nations met in New York in September 2006, beginning a series of high level meetings. A large scale diplomatic meeting was held in Yekaterinburg, Russia, on May 16, 2008.
In 2010, South Africa began an effort to join the BRIC group, and the process for its formal admission began in the August of 2010. On December 24th 2010, South Africa officially became a member nation, after being formally invited by China and other BRIC nations.
Hence, the group was renamed BRICS-with the S standing for South Africa, denoting the group's extended membership. In April 2011, South African president, Jacob Zuma attended the 2011 summit in China, as a member.
The heads of the BRICS nations met in New Delhi on 29th March 2012. The prime motive of the meeting will be discussions on the feasibility of creating the BRICS Bank that will help the countries in funding development projects. The list of the VIP's attending the event included Presidents Dilma Rousseff of Brazil, Dmitry Medvedev of Russia, Hu Jintao of China and Jacob Zuma of South Africa, as well as Indian Prime Minister Manmohan Singh. With the meeting of the BRICS countries, it is expected that the trade relations between these countries will strengthen even more. The ever strained relations between India and China could have been one of the topics of discussion. The monetary policies of the US and Europe resulting in fall in the value of currency of some of the BRICS Countries may also be a topic of debate.
Last Updated on : 3/29/2012
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