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among the five BRICS leaders at the summit.
The new Chinese president is making his first visit outside China, after taking over as president from Hu Jintao early this month.
The other presidents are Jacob Zuma of South Africa, Manmohan Singh of India, Valdimir Putin of Russia and Dilma Rousseff of Brazil.
One of the key issues expected to be discussed is the establishment of a development bank for the BRICS, after a resolution passed at the last summit in India last year.
The leaders are expected to decide on the initial capital for the bank. BRICS is the acronym for a powerful grouping of the world’s leading emerging economies – Brazil, Russia, India, China and South Africa.
The summit is expected to review the political, economic and social environment in the BRICS as well as the economic situation in the eurozone, among other issues. The BRICS summits are international relations conferences held annually in the five nations in rotation. The last summit was held in India last year.
The BRICS aims to promote peace, security, development and co-operation. In addition, it focuses on contributing significantly to the development of humanity and establishing a more equitable and fair world.
Apart from delegates from the BRICS nations, there is also interest from African countries as South Africa’s BRICS membership presents many opportunities for other African nations.
Online Reporter