[1] Previously, the 1st BRIC summit took place in Yekaterinburg, Russia in 2009 and discussed global issues.

A few months before the summit, the Indian Foreign Minister, SM Krishna, met President Lula in Brasília, where he stressed for the need to accelerate relations between the three countries.

The leaders discussed various current issues including the Iran and nuclear weapons, development, the furtherance of the BRIC (and IBSA that was occurring at the same time) as an international body, the global economic situation at the time, reform of financial institutions, the financial G20, and cooperation and issues related to global governance.

[citation needed] Chinese Premier Hu Jintao showed China's willingness to be a positive partner in global development when he showed China's meteoric rise in saying: "The scale and complexity of the challenges that we face in the course of development are unmatched anywhere else in the world and have been rarely seen in human history.

[6] Indian PM Singh also called for closer cooperation in the fields of energy and food security, as well as tapping into the potential of other sectors such as trade and investment, science and technology and infrastructure.

At least one Indian media outlet call the meet "answer to the G7 platform of top industrialised countries."

It added that the meet "underscore[d] a shared quest for greater collective influence within the changing geometry of the international system.

"[6] Investors cited India and China as the best bets of BRIC, of which India was seen as providing investors with the best bet over the long haul, however it also faces challenges to finance the "modernization of its woeful infrastructure given its high debt levels and ambivalence towards foreign investment and privatization."