1st BRIC summit
The inaugural BRIC summit took place in Yekaterinburg, Russia on June 16, 2009. The four heads of state or heads of government from the BRIC countries attended.
Overview
The acronym BRIC 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.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.