India hosted the BRICS Summit for the First Time on 29 March 2012

India hosted the BRICS(Brazil, Russia, India, China, South Africa) summit for the first time on 29 March 2012. It was the fourth BRICS summit. It was held in Indian capital New Delhi. The summit was participated by Brazil, Russia, India, China and South Africa. The theme of the Summit was BRICS Partnership for Global Stability, Security and Prosperity. This was the first summit hosted by India. The BRICS nations signed two major agreements during this summit. One was to boost trade among BRICS nations by offering trade in local currency. This will replace dollar as the main currency of trade among them. The other agreement was to set up a development bank on lines of multilateral lending agencies. Intra-BRICS trade is about 230 billion US dollars.
BRICS declaration(Delhi declaration) issued at the end of the summit says situation concerning Iran cannot be allowed to escalate into conflict. It said that the disastrous consequences of which will be in no one's interest. Declaration says BRICS recognises Iran's right to peaceful uses of nuclear energy and supports resolution of issues through dialogue.
The fifth BRICS summit will be held in March-April 2013 in South Africa. The first summit was held in Yekaterinburg, Russia in June 2009. The second summit was held in Brasilia, in April 2010. The third summit was held in Sanya, China in April 2011.
BRICS was earlier known as BRIC. When South Africa joined the organisation in 2011 it became BRICS.