lHistorylBric summit BRIC is a grouping acronym that refers to the countries of Brazil, Russia, India and China, which are all deemed to have similar potential for development and growth.HISTORY2001 The acronym was coined by Jim ONeill, a global economist working for Goldman Sachs(美国高盛公司), in a 2001 paper entitled Building Better Global Economic BRICs. The acronym has come into widespread use as a symbol of the shift in global economic power away from the developed G7 economies towards the developing world.2003 Dreaming with BRICs: The Path to 2050 is a thesis issued by Goldman Sachs in 2003.It argues the economic potential of Brazil, Russia, India and China is such that they could become among the four most dominant economies by the year 2050.These countries encompass over 25% of the worlds land coverage and 40% of the worlds population and hold a combined GDP (PPP) of 18.486 trillion dollars. On almost every scale, they would be the largest entity on the global stage. These four countries are among the biggest and fastest growing emerging markets.2010In November , the G20 Summit was held in Seoul. South Africa applid for membership in the Bric.In December,China, in its capacity as rotating chairperson of the Bric formation, based on agreement reached by the Bric member states, accepted South Africa as a full member into what will in future be called Brics.And then the current members will account for 61% of global growth in 2014, according to the International Monetary Fund.Bric summitJune 16, 2009 The 1st BRIC summit took place in Yekaterinburg, Russia .The leaders discussed the current global financial crisis, global development, and further strengthening of the BRIC group. April 16, 2010 The 2nd BRIC summit took place in Brasilia, Brazil.The leaders discussed major issues of the international agenda as well as concrete steps to move forward the cooperation and coordination within BRIC and issued a jiont statement after the summit. This marked the Bric cooperation mechanism had taken initial shape.April 14 , 2011The 3rd BRIC summit took place in Sanya, China. Leaders of the five emerging economies are meeting to discuss mutual trade ties and fresh uncertainties in West Asian and North African countries impacting energy supplies.Major fruits of 2011 summitlThe leaders reached broad consensus on development of the present international situation. BRICS countries have played an important role in promoting greater democracy in international relations, sustaining the world economic recovery and enhancing the voice of emerging and developing countries in international affairs.They are willing to make fresh contritution to maintaining the stability and development of the world.lThe summit has strengthened BRICS dialogue and cooperation on international economy ,finance and development.Regarding Excessive volatility in commodity prices,BRICS countries support the international community in strengthening cooperation to ensure stability and strong development of physical market by reducing distortion and further regulate financial market and support the reform and improvement of the international monetary system, with a broad-based international reserve currency system providing stability and certainty.lThe summit has intensified and expanded the pragmatic cooperation among BRICS countries. BRICS countries reviewed the progress of the BRICS cooperation in various fields and formulated the Action Plan,laying the foundation for the BRICS cooperation in the future.The EndThanks for listening!