Brazil will next year host the second summit BRIC that also includes Russia, India and China, Russian President Dmitry Medvedev announced here Tuesday.
Building upon the success of the first BRIC summit held in this Russian industrial city Tuesday, the BRIC leaders decided to take steps to promote "dialogue and cooperation among themselves in an incremental, proactive, pragmatic and transparent way".
The first BRIC summit under the Russian presidency focused on mapping a new global economic order based on greater representation for emerging and developing economies in international financial institutions and democratisation of decision-making in these bodies.
The BRIC leaders sought to create a more democratic and fairer world order and unveiled a bold agenda for mitigating financial meltdown.