● The first BRIC Summit took place in 2009 in Russia and South Africa was invited to join BRIC in 2010 after which the group adopted the acronym BRICS.
● The BRICS Leaders Summit is convened annually and the chairmanship is rotated annually among the members in accordance with the acronym B-R-I-C-S.
Why in News: The 12th BRICS Summit was held under the chairmanship of Russia.The Theme of the summit was “Global Stability, Shared Security and Innovative Growth''.
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