About the 3rd BRICS Urban Forum
BRICS brings together five major emerging economies, comprising 53.4% of the world population, having 23.1% of the world GDP and 17% share in the world trade.
The acronym BRIC was first used in 2001 by Goldman Sachs in their Global Economics Paper, “The World Needs Better Economic BRICS” on the basis of econometric analyses projecting that the economies of Brazil, Russia, India and China would individually and collectively occupy far greater economic space and would be amongst the world’s largest economies in the next 50 years or so.
As a formal grouping, BRIC started after the meeting of the Leaders of Russia, India and China in St.Petersburg on the margins of the G8 Outreach Summit in 2006. The grouping was formalized during the 1st meeting of BRICS Foreign Ministers on the margins of the UN General Assembly in New York in 2006. The1st BRICS summit was held in Yekaterinburg, Russia, on 16 June 2009.
It was agreed to expand BRIC into BRICS with the inclusion of South Africa at the BRIC Foreign Ministers meeting in New York in September 2010.Accordingly, South Africa attended the 3rd BRICS Summit in Sanya, China on 14 April 2011.
Starting essentially with economic issues of mutual interest, the agenda of BRICS meetings has considerably widened over the years to en compass topical global issues.BRICS cooperation has two pillars – consultation on issues of mutual interest through meetings of Leaders as well as of Ministers of Finance, Trade, Health, S&T, Education, Agriculture, Communication, Labour, etc. and practical cooperation in a number of areas through meetings of Working Groups/Senior officials. Regular annual Summits as well as meetings of Leaders on the margins of G20 Summits are held. Read more…