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Russia to host BRIC summit in 2009

MOSCOW: Russia will host the first standalone summit of the BRIC nations — Brazil, Russia, India and China — to deal with the global crisis and build a new international financial system.

The agreement was reached at talks between the Presidents of Russia and Brazil, Dmitry Medvedev and Luiz Lula da Silva, in Rio De Janeiro on Wednesday.

“The Presidents spoke in favour of holding the first BRIC summit in Russia in 2009,” they said in a joint statement quoted by the Interfax news agency.

“We are looking forward to playing host to our friends from Brazil, China and India to hold a full-fledged BRIC summit,” said the Russian leader.

The leaders of the world’s fastest emerging economies are expected to formally institutionalise BRIC as an international forum.

The BRIC Foreign Ministers met for the first time in May in the Russian city of Yekaterinburg.

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