1st BRIC summit

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. Today, the four countries produce about 15 percent of the world’s gross domestic product and hold about 40 percent of the gold and hard currency reserves. 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. ==Participants==

of Brazil; President Dmitry Medvedev of Russia; Paramount leader Hu Jintao of China, and Prime Minister Manmohan Singh of India. The heads of state and heads of government of the four countries participated. ==Gallery of participating leaders==

File:Lula - foto oficial - 05 jan 2007 (cropped 2).jpg| BrazilLula da Silva, President File:Dmitry Medvedev official large photo -1 (cropped).jpg| RussiaDmitry Medvedev, President (Host) File:Prime Minister Manmohan Singh in WEF ,2009.jpg| IndiaManmohan Singh, Prime Minister File:Hu Jintao Cannes2011.jpg| ChinaHu Jintao, CCP General Secretary and President ==Issues==

The leaders discussed the 2008 financial crisis, global development, and further strengthening of the BRIC group. 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." ==References==