The inaugural BRIC summit took place in

Yekaterinburg Yekaterinburg ( ; rus, Екатеринбург, p=jɪkətʲɪrʲɪnˈburk), alternatively romanized as Ekaterinburg and formerly known as Sverdlovsk ( rus, Свердло́вск, , svʲɪrˈdlofsk, 1924–1991), is a city and the administra ...

Russia Russia (, , ), or the Russian Federation, is a transcontinental country spanning Eastern Europe and Northern Asia. It is the largest country in the world, with its internationally recognised territory covering , and encompassing one-eig ...

on June 16, 2009. The four heads of government from the

BRIC BRIC is a grouping acronym referring to the developing countries of Brazil, Russia, India, and China, which are identified as rising economic powers. It is typically rendered as "the BRIC," "the BRIC countries," "the BRIC economies," or alte ...

countries attended.

Overview

The acronym BRIC (for Brazil, Russia, India, China) was first used in a Goldman Sachs thesis projecting that the economic potential of

Brazil Brazil ( pt, Brasil; ), officially the Federative Republic of Brazil (Portuguese: ), is the largest country in both South America and Latin America. At and with over 217 million people, Brazil is the world's fifth-largest country by area ...

India India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...

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 Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced and sold (not resold) in a specific time period by countries. Due to its complex and subjective nature this measure is oft ...

and hold about 40 percent of the

gold Gold is a chemical element with the symbol Au (from la, aurum) and atomic number 79. This makes it one of the higher atomic number elements that occur naturally. It is a bright, slightly orange-yellow, dense, soft, malleable, and ductile me ...

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 A head of state (or chief of state) is the public persona who officially embodies a state Foakes, pp. 110–11 " he head of statebeing an embodiment of the State itself or representatitve of its international persona." in its unity and ...

and heads of government of the four countries participated.

Gallery of participating leaders

File:Lula - foto oficial - 05 jan 2007.jpg,

Lula da Silva,

President President most commonly refers to: *President (corporate title) * President (education), a leader of a college or university * President (government title) President may also refer to: Automobiles * Nissan President, a 1966–2010 Japanese ...

File:Dmitry Medvedev official large photo -1.jpg,

Dmitry Medvedev,

(Host) File:Prime Minister Manmohan Singh in WEF ,2009.jpg,

Manmohan Singh,

Prime Minister A prime minister, premier or chief of cabinet is the head of the cabinet and the leader of the ministers in the executive branch of government, often in a parliamentary or semi-presidential system. Under those systems, a prime minister i ...

File:Hu Jintao Cannes2011.jpg, China
Hu Jintao,

Issues

The leaders discussed the current global

financial crisis A financial crisis is any of a broad variety of situations in which some financial assets suddenly lose a large part of their nominal value. In the 19th and early 20th centuries, many financial crises were associated with banking panics, and man ...

, global development, and further strengthening of the BRIC group.Joint Statement of the BRIC Countries’ Leaders
Kremlin.ru. Retrieved on 2009-06-17
Archived
2009-06-20.

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 The Doha Development Round or Doha Development Agenda (DDA) is the trade-negotiation round of the World Trade Organization (WTO) which commenced in November 2001 under then director-general Mike Moore. Its objective was to lower trade barriers ...

Political issues

Amongst the important issues discussed were

United Nations reform Since the late 1990s there have been many calls for reforms of the United Nations (UN). However, there is little clarity or consensus about what reform might mean in practice. Both those who want the UN to play a greater role in world affairs and ...

. "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 World food prices increased dramatically in 2007 and the first and second quarter of 2008, creating a global crisis and causing political and economic instability and social unrest in both poor and developed nations. Although the media spot ...

, the leaders issued a joint statement on global

food security Food security speaks to the availability of food in a country (or geography) and the ability of individuals within that country (geography) to access, afford, and source adequate foodstuffs. According to the United Nations' Committee on World ...

, 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".BRIC's Joint Statement on Global Food Security
Kremlin.ru. Retrieved on 2009-06-17.

References

External links

First BRIC summit
Official website
The Sino-Brazilian Principles in a Latin American and BRICS Context: The Case for Comparative Public Budgeting Legal Research
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Wisconsin International Law Journal The University of Wisconsin Law School is the professional graduate Law school in the United States, law school of the University of Wisconsin–Madison. Located in Madison, Wisconsin, the school was founded in 1868. The University of Wisconsin L ...

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