These summits are convened to seek common ground on areas of importance for these major economies.
Talks represent spheres of political and entrepreneurial coordination, in which member countries have identified several business opportunities, economic complementarities and areas of cooperation.
BRICS is an acronym for the powerful grouping of the world’s leading emerging economies, namely Brazil, Russia, India, China and South Africa. The first BRIC Summit took place in Yekateringburg, Russia, where the elected leaders of the four countries formally declared the membership of the BRIC economic bloc.
South Africa joined the bloc in 2010, resulting in BRICS.
The BRICS mechanism aims to achieve peace, security, development and cooperation. It also seeks to contribute significantly to the development of humanity and establish a more equitable and fair world.