
Brazil, Russia, India and China originally formed the bloc in 2009 after a series of meetings and understandings. The first BRIC Summit was held in Yekaterinburg, Russia on June 16 of the same year, where the heads of states in question agreed to strengthen dialogue and cooperation between them.
The following year, in Brasilia, Brazil in April 2010, the second Summit was held, where the leaders of these countries emphasized the necessity of a multidimensional global intergovernmental system.
Then, at their third meeting in New York in September 2010, the BRICs agreed on the entry of South Africa. South Africa managed to join after a strong effort as a result of its active foreign policy, this coalition of states changing it from “BRIC” to “BRICS”.
At the Fourth Summit in March 2012 in New Delhi, India, a first announcement was made of the establishment of a New Development Bank (NDB), which was formalized at their Fifth Summit in Durban, South Africa in 2013, with the clear intention of independence of BRICS by the International Monetary Fund, the World Bank, the US and the European Union. The agreement for its establishment, after resolving disputes over organizational issues, was finally reached in 2014, during the sixth BRICS meeting in Fortaleza, Brazil.
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