President Lula participated this week in the first summit of the so-called 'BRIC' countries – Brazil, Russia, India and China – in the central Russian city of Yekaterinburg.

The aim of the summit was to bring about greater integration between the countries in the international economic/financial and political arenas, including co-operation on policies for tackling the world economic crisis ahead of the next G20 summit in the United States in September.

Brazil, Russia, India and China represent around 40% of the world's population and 15% of global GDP. Furthermore, as President Lula pointed out in Yekaterinburg, since 2003 the BRIC countries have been responsible for 65% of total global economic growth and Brazil's annual trade with the other three has reached US$49bn, an increase of 500%.

President Lula spoke of 'joint reflection and action' with regard to various issues, including the reform of multilateral institutions. Changes in the governance and decision-making processes of international financial institutions would, he believes, 'permit more effective responses to global turbulence and prevent the excesses that led to the current crisis'.

Brazil is set to host the second BRIC summit in 2010.

Source: Office of the President and Embassy of Brazil in London