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BRIC Countries Call Off Meeting At G20

Russian President Dmitry Medvedev speaks during a BRIC summit in Yekaterinburg in June 2009.
The leaders of Russia, India and China called off a meeting of so-called BRIC countries that had been due to take place on the sidelines of the G20 summit in Toronto.

The decision was made because Brazilian President Luiz Inacio Lula da Silva stayed home to deal with severe flooding.

The grouping of Brazil, Russia, India and China accounts for about 16.5 percent of global gross domestic product and has been seeking more say in world financial institutions.

The BRIC countries held their first official summit in 2009 in the Russian city of Yekaterinburg. Another summit followed in April in Brasilia. The BRIC countries have 43 percent of the world's population.