3rd BRICS summit

2011 BRICS Summit
Host country	China
Date	14 April

The 2011 BRICS summit will be taking place in Sanya, China on 14 April, 2011. This will be the third BRICS summit since 2009. The meeting take place between the five heads of state/heads of government from the BRICS states following bilateral meetings in the prior days.

Background

Following a meeting in Brasilia in 2010, in which South Africa were invited as a guest, the group formerly called BRIC officially became BRICS with the admission of South Africa as a full member in 2011.

Discussions

On 13 April, prior to the heads of state meeting, economic delegations met for discussions. China was lobbied by the other leaders to import not only commodities but also value added products and other commodities such as oil, soybeans and iron ore. Indian Trade Minister Anand Sharma said that China's Commerce Minister Chen Deming had assured the other leaders that his country would make it a priority to import more value-added products from the other four states. Russia’s Deputy Economic Development Minister Oleg Fomichev also said that China pledged to set up high-technology projects in cooperation with Russia so as to "not just importing our resources and exporting industrial goods."

Brazil and India also pressed China to buy such goods as Brazilian aircraft and Indian pharmaceuticals; the two states also complained about the artificially undervalued yuan that they claimed was undermining their exports. South Africa wanted to process iron ore and other raw materials within the country before exporting them to China.

Leaders at the summit

The heads of state/heads of government of the five countries participated.

• 
  Dilma Rousseff
  President of Brazil
• 
  Dmitry Medvedev
  President of Russia
• 
  Manmohan Singh
  Prime Minister of India
• 
  Hu Jintao
  President of China
• Jacob Zuma President of South Africa
  Jacob Zuma
  President of South Africa

Reactions

Jim O’Neill, the chairman of Goldman Sachs Asset Management International and the person who coined the term BRIC, said that the countries "don’t have the same interests. The wealth per head is very different, the politics is very different, and the philosophy and their natural economic edge is different."

See also

• Foreign relations of Brazil
• Foreign relations of China
• Foreign relations of Russia
• Foreign relations of India