It is important to note that BRICS is the acronym for an Association of five major emerging national economies like Brazil, Russia, India, China and South Africa. The group was originally known as ‘BRIC’ before the inclusion of South Africa in 2010. The BRICS members are either developing or are newly industrialized and are distinguished by their large fast growing economics and significant influence on regional and global affairs. All five are G 20 members. Presently, South Africa holds the chair of the BRICS group.

Summit level meetings: The leaders of RIC Countries. Russian President Valdmir Putin, Indian Prime Minister Manmohan Singh and Chinese President Hu-Jinatao-held the first summit in St.Petersburg on July 17, 2006, as part of the G-8 Summit conference program. Later, Brazil jointed the summit meeting.

The Foreign Ministers of the. initial four BRIC national met in New York in September 2006. They singled out agriculture the prevention of natural calamities and elimination of their aftermath and promotion of healthcare as primary areas. A fullfledged diplomatic meeting was held in Yekaterinburg.

The summit focussed on the means of improving the global economic situation and reforming financial institution. In the aftermath of the Yekaterinburg summit, the BRIC nations announced the need for a new global reserve currency, which would have to be “diversified, stable and predictable”.