Russia will host the first stand-alone summit of the world's fastest emerging economies of Brazil, Russia, India and China, President Dmitry Medvedev has announced.
"Next year we will hold the summit in Russia," Medvedev was quoted as saying by the RIA Novosti after talks with his Brazilian counterpart Luiz Inacio Lula da Silva in Rio de Janeiro in Brazil.
The first summit of these nations, clubbed as the BRIC, was held in July 2008 in Hokkaido, Japan on the sidelines of the G-8 summit.
Earlier in May last, Russia had hosted a meeting of BRIC foreign ministers, in the Urals city of Yekaterinburg.
Medvedev said Russia's ties with Brazil and other BRIC members are particularly important in the context of the global financial crisis.
The term BRIC was first used in 2003 in a forecast published by the Goldman Sachs investment bank that named Brazil, Russia, India and China as the fast emerging economies likely to assume key global role.
According to the Kremlin, the dates and venue of the summit will be agreed through diplomatic channels
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