The BRICS group, which serves as an acronym for Brazil, Russia, India, China, and south Africa, has been formalized in 2011 when the president of South Africa has joined the leaders of BRIC nationas at their annual summit in Hainan (China). Since then the officials of the five nations have been meeting regularly for discussion and dialogue on various subjects including but not limited to trade, investment, financial services, environment, education, culture, science and technology, etc.