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The third BRICS Summit will be held on April 14 in the beach resort of Sanya in China's Hainan Province. South Africa will attend for the first time and will bring fresh perspectives to the meeting. BRICS (Brazil, Russia, India, China and South Africa) now includes emerging economies in Asia, Africa, Latin America and Europe, making it a more representative and influential grouping.
The birth and gradual formalization of the BRICS grouping is a reflection of the rapidly changing times. Since the end of the Cold War, the rise of the emerging economies has changed the international balance of power. Russia has recovered and regained its status as a big power. China, India, Brazil and South Africa have been developing at amazing speed and built up their overall national strength. It was natural for the five countries to come together in order to enhance their international clout.
The BRICS countries are united in seeking a more just and reasonable international economic and political order. They all want a peaceful international environment, democratic and equitable international relations and international cooperation based on win-win solutions. They all support the central role of the United Nations (UN) and hope to establish a "democratic and just multi-polar world".
The first two BRIC meetings were held in Russia in 2009 and in Brazil in 2010 following the outbreak of the financial crisis. These meetings allowed the BRIC countries to coordinate their stance and reach a consensus on how to properly handle the crisis and promote reform of the international financial system. The BRICS countries were the first to recover from the financial crisis and resume rapid growth.
In 2010, BRICS GDP accounted for 18 percent of global GDP; their average growth rate was nearly 7 percent, over 2 percentage points higher than average world growth. Foreign investment in BRICS countries accounted for 53 percent of the world's total. Their voting power at the International Monetary Fund (IMF) was increased. Many see them as the leaders of the world economic recovery and the growth engine of the world, and expect them to play an ever more important role in the G20.
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