What is BRICS summit?

is the abbreviation of five countries- Brazil, Russia, India, China and South Africa and it is annually held since 2009, to build better global economies ties among all five nations.

All five BRICS nations are also the members of G-20 and the sixth summit has also invited Argentina for the first time, to make it the sixth member in its group..

All about previous BRICS Summits

The first BRIC summit was held in Yekaterinburg, Russia on 16th June, 2009 with the all five leaders- Luiz Inácio Lula da Silva, Dmitry Medvedev, Manmohan Singh, and Hu Jintao attending the event.

On April 15, 2010, BRIC's second summit, the group expanded with South Africa as the latest country to join and thus BRIC became BRICS on December 24, 2010 at Brasilia, Brazil.

On April 14, 2011, the third BRICS Summit was attended by the South African President Jacob Zuma along with the four members of Brazil, Russia, India and China in Sanya, China.

On March 29, 2012, fourth BRICS Summit was held for the first time in the national capital New Delhi, India with the former prime minister Dr Manmohan Singh as the host leader.

On March 26, 2013, the host country of the BRICS Summit was Durban, South Africa.

6th BRICS Summit in Brazil

The sixth and the present BRICS Summit is scheduled to take place in Fortaleza (the fifth largest city in Northeastern Brazil) from July 15 to July 17 with the President Dilma Rousseff as the host leader, thus successfully marking the completion of the first BRICS cycle.

Earlier, the 2014 BRICS Summit was to take place in March 2014, but due to China's request, it was postponed to July 2014.

Indian Prime Minister Narendra Modi will be making his debut at the BRICS Summit 2014 as the previous summits were attended by his predecessor Dr Manmohan Singh.

Guest countries at the 6th BRICS Summit

• Argentina President Cristina Fernández de Kirchner
• Bolivia President Evo Morales
  
• Chile President Michelle Bachelet
  
• Colombia President Juan Manuel Santos
  
• Ecuador President Rafael Correa
  
• Guyana President Donald Ramotar
  
• Paraguay President Horacio Cartes
  
• Peru President Ollanta Humala
  
• Suriname President Dési Bouterse
  
• Uruguay President José Mujica
  
• Venezuela President Nicolás Maduro

Key issue:

The creation of a new development bank has been one of the top priority issues that has been discussed so far in all BRICS summit in an attempt to bypass western-dominated International Monetary Fund (IMF) and the World Bank.

Argentina, Egypt, Iran, Nigeria and Syria have also shown keen interest in joining BRICS in the near future.