The second BRIC Summit was held in the Brazilian capital of Brasilia on 15 April 2010, following which the leaders issued a far-ranging joint statement. BRIC is a group of four countries whose initials give the group its name: Brazil, the Russian Federation, India and China. The four leaders at this summit were Brazilian President Lula da Silva, Russian President Dimitry Medvedev, Indian Prime Minister Manmohan Singh and Chinese president Hu Jintao.

The joint statement issued by the four leaders at this summit underscored their resolve to take concrete steps to expand cooperation and coordination within BRIC.
The statement was a wide-ranging document encompassing a large field of issues, programs and interests. It included 33 resolutions, many of which call for major changes in the way things are done and run in today’s world. 

Amongst other resolutions, the four leaders called for transformations in global governance to reflect the major and swift changes the world is undergoing today. They voiced their support for a multi-polar, equitable and democratic world order based on international law, equality, mutual respect, cooperation, coordinated action and collective decision-making of all states.

In line with this, the leaders expressed their strong commitment to multilateral diplomacy with the United Nations playing the central role in dealing with global challenges and threats. They also stressed the need for a comprehensive reform of the UN, with a view to making it more effective, efficient and representative. They reiterated the importance of the status of India and Brazil in international affairs, and supported the aspirations of these two countries to play a greater role in the United Nations.

Mindful of the recent economic crises and arduous but steady economic recovery, the BRIC quartet called upon all states to strengthen macroeconomic cooperation, jointly secure world economic recovery and achieve a strong, sustainable and balanced growth. They thus stressed the importance of maintaining relative stability of major reserve currencies and sustainability of fiscal policies in order to achieve a strong, long-term balanced economic growth.

In pursuit of these goals, the leaders stressed the central role played by the G-20 in combating the recent crises through unprecedented levels of coordinated action. They welcomed the fact that the G-20 was confirmed as the premier forum for international economic coordination and cooperation of all its member states.
But they also went further, by voicing their commitment to an ambitious conclusion to the ongoing reforms of the Bretton Woods institutions. They noted that both the IMF and World Bank urgently need to address their legitimacy deficits and called for reform of these institutions’ governance structures via a substantial shift in voting power in favour of emerging market economies and developing countries to bring their participation in decision-making in line with their relative weight in the world economy.

The four heads of state further called for the World Bank’s voting power reform to be fulfilled in the upcoming Spring Meetings, and said they expected the quota reform of the IMF to be concluded by the G-20 Summit in November this year. They also agreed on the need for an open and merit-based selection process, irrespective of nationality, for the head positions of the IMF and the World Bank. They also pushed for the staff of these institutions to better reflect the diversity of their membership.

But the summit and the joint statement resulting thereby were not limited to matters of economics, finance and world governance. The BRIC leaders also reaffirmed their commitment to advancing cooperation among BRIC countries in science, culture and sports. As part of this, they specifically voiced their support and well wishes for 2010 Commonwealth Games in New Delhi; the 2013 World Student Games in Kazan (capital of the Russian republic of Tatarstan); the 2014 Winter Olympics and Paralympic Games in Sochi; the FIFA 2014 World Cup in Brazil; and the 2016 Summer Olympics and Paralympic Games in Rio de Janeiro.