♤ It was agreed to expand BRIC into BRICS with the inclusion of South Africa at the BRIC

Foreign Minister’s meeting in New York in September 2010.

♤ South Africa attended the 3rd BRICS Summit in Sanya on 14 April 2011.

♤ The inclusion of South Africa affirmed its political ambitions & its desire for gaining greater political legitimacy by roping in the largest economy of Africa. South Africa’s inclusion cannot be explained on the basis of economic consideration given the relatively small size of its economy as compared to other members.

♤ Nine BRICS Summits have taken place so far. The 8th BRICS Summit was hosted by India during its Chairmanship in 2016. the 9th Summit took Place in Xiamen, China and the 10th Summit is slated to take place in Johannesburg, South Africa.

♤ This desire for a multipolar world and reforming multilateral institutions took the concrete form for reforming international financial institutions to “reflect changes in the global economy” & that “emerging and developing economies must have a greater voice and representation in international financial institutions whose heads should be appointed through an open, transparent & merit based process”.