BRIC foreign ministers to meet again in fall

From Novosti :

The foreign ministers of Brazil, Russia, India and China, the so-called BRIC countries, have agreed to hold another meeting in September in New York, the Russian Foreign Ministry said on Friday.

The agreement to meet in September on the sidelines of the 63rd UN General Assembly session was reached by the foreign ministers during their meeting on May 14-16 in the Russian Urals city of Yekaterinburg.

"The ministers agreed to continue quadrilateral cooperation, including within the framework of international organizations and forums," the Russian ministry said in a statement.

The term BRIC was first used in 2003 in a thesis published by the Goldman Sachs investment bank that named Brazil, Russia, India and China as the most rapidly developing economies in the world.

According to the thesis, by the year 2050, BRIC will overtake most of the present richest countries in the world. The overall gold and currency reserves of the four BRIC countries are estimated at over $1.3 trillion.

The first meeting of BRIC took place in 2006 in New York within the framework of the UN General Assembly session.