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BRIC Summit Opens In Brazil


Participants of a BRIC meeting in Yekaterinburg, 2009

Participants of a BRIC meeting in Yekaterinburg, 2009

Leaders from the world's four biggest emerging economies --Brazil, Russia, India and China, -- gather today for a two-day summit.

It's the second summit of the so-called BRIC countries.

Analysts say the BRIC leaders are likely to renew calls for a greater say in the global economic order at the meeting in Brazil's capital.

The BRIC countries represent 40 percent of the world population and around 20 percent of global economic output.

At their first summit last year in the Russian city of Yekaterinburg, the BRIC leaders pushed to overhaul global financial regulations and move toward a new international reserve currency.

Finding an alternative to the U.S. dollar, however, is not on the official agenda for this year's summit.

China's currency, the yuan, is likely to be discussed, but analysts doubt the leaders of Brazil, Russia and India will pressure China to let its currency strengthen.

The United States and other countries are pressuring China to let its currency float.

They complain a weak yuan -- now pegged to the U.S. dollar -- gives Chinese exports an unfair advantage in global trade.

Business leaders from the four countries are expected to use the summit to explore business opportunities.

The BRIC summit comes ahead of a G20 meeting later this month in Washington.


compiled from agency reports
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