South Africa has become the fifth member of the Bric nations - which currently includes Brazil, Russia, India and China.
The summit is set to focus on reforms to the global financial system - they have 40% of the world's population and almost a fifth of the world's growth.
It is little wonder then that the so called Brics want a greater say in global affairs.
The organisation was formed as a counterweight to Western powers.
And ever since the global financial crisis, the influence of the Brics - particularly of China - has grown.
This summit is set to focus on economic issues such as rules governing international trade.
While the Bric nations have been driving global economic growth it is still unclear whether the organisation itself will become truly influential.
All the countries broadly support free trade and oppose protectionism.
Where they have similar interests - such as climate change - they have taken a united position.
But on many other issues the countries have found little to agree upon.
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