BRICS Timeline

Origin

On November 20, 2001, Goldman Sachs chief economist Jim O’Neill was the first to coin the acronym “BRIC” to refer to Brazil, Russia, India and China. When South Africa joined in December2010, the name was changed to BRICS.

Common features

BRICS countries are all emerging economies with vast territories, large populations, rich resources and great economic potential. Collectively, BRICS members account for 29.6 percent of the world territory and 42.6 percent of the world population. According to data from International Monetary Fund (IMF), BRICS countries contributed more than half of world economic growth over the past decade. BRICS countries are expected to grow faster than both developed economies and other emerging economies by 2030.

Common goals

The BRICS mechanism aims to boost the rise of developing nations as a whole, reform the international currency and financial system, and balance development of the world economy. Today, the mechanism facilitates cooperation on many levels including meetings of state leaders, senior security delegates and foreign ministers.

Facts and Figures

In 2001, when the name of BRIC was first introduced by Goldman Sachs, no regular mechanisms were established. Foreign ministers and leaders of BRIC countries only met on the sidelines of broader international meetings. Not until May 14 to 16, 2008 did foreign ministers of BRIC countries gather in Russia for the first BRIC foreign ministers’ meeting that officially launched the BRIC cooperation mechanism.

First Summit

Time: June 2009

Location: Yekaterinburg, Russia

Key issue: New voice of emerging economies

Outcomes: This was the first official meeting of BRIC leaders. They called for a more diversified monetary system and promised to promote reform of international financial institutions. This meeting, against the backdrop of the unstable situation after the 2008 international financial crisis, gave a stronger voice of emerging economies in the international community.

Second Summit

Time: April 2010

Location: Brasília, Brazil

Key issue: Formation of a cooperative mechanism

Outcomes: BRIC leaders exchanged views on global economics and finance, international monetary institution reform, climate change, and dialogues and cooperation among BRIC countries. The joint statement at the summit detailed measures on cooperation and coordination, marking the initial formation of the cooperative mechanism among BRIC countries.

Third Summit

Time: April 2011

Location: Sanya, China

Theme: Broad Vision, Shared Prosperity

Key issue: Strengthening financial cooperation

Outcomes: New member South Africa attended the summit for the first time. During this summit, BRICS leaders agreed to reinforce financial cooperation among BRICS countries. They reaffirmed that the governance structure of global economic and financial institutions should reflect changes in the world economic situation and that emerging economies and all developing countries should have more say in international affairs.

Fourth Summit

Time: March 2012

Location: New Delhi, India

Theme: BRICS Partnership for Global Stability, Security and Prosperity

Key issue: Cooperation in more areas

Outcomes: This summit resulted in the signing of the Master Agreement on Extending Credit Facility in Local Currency and the Multilateral Letter of Credit Confirmation Facility Agreement, greatly advancing trade and investment cooperation among BRICS countries. This summit appealed directly to the reform of global governance, more comprehensive international financial architecture, and a stronger voice of developing countries.

Fifth Summit

Time: March 2013

Location: Durban, South Africa

Theme: BRICS and Africa: Partnership for Development, Integration and Industrialization

Key issue: Extensive participation of African countries

Outcomes: This was the first BRICS summit to be held in Africa. Leaders from 15 African nations including Angola, the Republic of Congo and Egypt also attended the summit. The meeting stressed BRICS countries’ willingness to cooperate with African countries in infrastructure and promote connectivity among the countries, in hopes of unleashing their full economic potential.

Sixth Summit

Time: July 2014

Location: Fortaleza, Brazil

Theme: Inclusive Growth: Sustainable Solutions

Outcomes: BRICS leaders signed the agreement to establish the New Development Bank and the Contingent Reserve Agreement.

Seventh Summit

Time: July 2015

Location: Ufa, Russia

Theme: BRICS Partnership – A Powerful Factor of Global Development

Key issue: Establishment of New Development Bank

Outcomes: BRICS states signed the Agreement on the New Development Bank, marking greater influence of BRICS countries in the global financial system as emerging economies.