Discuss the relevance of BRICS as …

It is important to note that BRICS is the acronym for an Association of five major emerging national economies like Brazil, Russia, India, China and South Africa. The grouping was originally known as “BRIC” before the inclusion of South Africa in 2010. The BRICS members arc either developing or newly industrialized. They are distinguished by their large fast growing economies and significant influence on regional and global affairs. All five are G-20 members. Presently, South Africa holds the chair of the BRICS group. Summit level , meetings: The leaders of RIC Countries. Russian President Valdmir Putin, Indian Prime Minister Manmohan Singh and Chinese President Hu-Jintao-held the first summit in St.Petersburg on July 17, 2006, as part of the G-8 Summit conference program. Later, Brazil jointed the summit meeting. The Foreign Minister of the initial four BRIC states met in New York in September 2006. They singled out agriculture, prevention of natural calamities and elimination of their aftermath and promotion of healthcare as the promising areas. A full fledged diplomatic meeting was held in Yekaterinburg Russia. The summit focussed on the means of improving the global economic situation and reforming financial institutions. In the aftermath of the Yekaterinburg summit, the BRIC nations announced the need for a new global reserve currency, which would have to be “diversified, stable and predictable”.