The inaugural BRIC summit took place in Yekaterinburg, Russia on June 16, 2009.First BRIC summit concludes Deutsche Welle. Retrieved on 2009-06-16. Archived 2009-06-19. The four heads of state or heads of government from the BRIC countries attended.Developing world leaders show new power at summits Reuters. Retrieved on 2009-06-16.
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. In 2009, the four countries produced about 15 percent of the world’s gross domestic product and held about 40 percent of the gold and hard currency reserves.Emerging Economies Meet in Russia The New York Times. Retrieved on 2009-06-16.
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.Cooperation within BRIC Kremlin.ru. Retrieved on 2009-06-16. Archived 2009-06-19.
Participants
The heads of state and heads of government of the four countries participated. Core BRIC membersHost state and leader are shown in bold text. Member Represented by Title Brazil Luiz Inácio Lula da Silva President Russia Dmitry Medvedev President India Manmohan Singh Prime Minister China Hu Jintao General SecretaryPresident
Gallery of participating leaders
Issues The leaders discussed the 2008 financial crisis, 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.
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".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 Wisconsin International Law Journal, 13 May 2015