1st BRIC summit

Overview

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 world’s 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.

Participants

The heads of state and heads of government of the four countries participated.

Gallery of participating leaders

File:Lula - foto oficial - 05 jan 2007 (cropped 2).jpg|Brazil Brazil Lula da Silva, President File:Dmitry Medvedev official large photo -1 (cropped).jpg|Russia Russia Dmitry Medvedev, President (Host) File:Prime Minister Manmohan Singh in WEF ,2009.jpg|India India Manmohan Singh, Prime Minister File:Hu Jintao Cannes2011.jpg|China China Hu Jintao, CCP General Secretary and President

Issues

The leaders discussed the 2008 financial crisis, global development, and further strengthening of the BRIC group.

World economy

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."

They urged the international community to push for comprehensive results of the Doha Round.

Political issues

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."

Food crisis

Regarding the 2007–2008 world food price crisis, the leaders issued a joint statement on global food security, calling for "action by all governments and the relevant international agencies"; and reaffirmed "their commitment to contribute to the efforts to overcome the global food crisis".

References

References

1. [http://www.dw-world.de/dw/article/0,,4335954,00.html First BRIC summit concludes] [[Deutsche Welle]]. Retrieved on 2009-06-16. [https://web.archive.org/web/20090620004104/http://www.dw-world.de/dw/article/0,,4335954,00.html Archived] 2009-06-19.
2. [https://www.reuters.com/article/topNews/idUSTRE55F02F20090616?feedType=RSS&feedName=topNews Developing world leaders show new power at summits] [[Reuters]]. Retrieved on 2009-06-16.
3. "Goldman Sachs: The BRICs Dream: Web Tour".
4. [https://www.nytimes.com/2009/06/17/world/europe/17bric.html?ref=business Emerging Economies Meet in Russia] ''[[The New York Times]]''. Retrieved on 2009-06-16.
5. [http://www.kremlin.ru/eng/articles/bric_1.shtml Cooperation within BRIC] [[Kremlin]].ru. Retrieved on 2009-06-16. [https://web.archive.org/web/20090619032104/http://www.kremlin.ru/eng/articles/bric_1.shtml Archived] 2009-06-19.
6. [http://www.kremlin.ru/eng/text/docs/2009/06/217963.shtml Joint Statement of the BRIC Countries’ Leaders] Kremlin.ru. Retrieved on 2009-06-17. [https://web.archive.org/web/20090623085113/http://www.kremlin.ru/eng/text/docs/2009/06/217963.shtml Archived] 2009-06-20.
7. [http://www.kremlin.ru/eng/text/docs/2009/06/217964.shtml BRIC's Joint Statement on Global Food Security] {{Webarchive. link. (2009-06-22 Kremlin.ru. Retrieved on 2009-06-17.)