BRICS, summit or the meeting of Brazil, Russia, India, China and South Africa, will be held in Sanya on south China's tropical island of Hainan Province on April 14. An upcoming summit of emerging economic powers will focus on global developments, financing and cooperation the attending countries, Chinese President Hu Jintao will chair the meeting, with Brazilian President Dilma Rousseff, Russian President Dmitry Medvedev, Indian Prime Minister Manmohan Singh and South African President Jacob Zuma in attendance. South Africa is the newest member of BRICS, and is considered to be at the same stage of economic development as the group's other members. China expect that the third BRICS meeting will send a signal of confidence, solidarity and cooperation to the international community. A document expected to be released after the summit will sum up BRICS countries' consensus on the global economy, international financial issues and developmental affairs. The establishment of a cooperative mechanism among BRICS countries is the inevitable result of the rise of these countries, as well as a necessary mechanism for the further development of their economies. The combined GDPs of the BRICS nations accounted for 18 percent of the global GDP in 2010, while their combined populations accounted for 40 percent of the world's total population. Trade volume for BRICS countries has also shot up year to year, with an average annual growth rate of 28 percent from 2001 to 2010, Wu said, adding that the total volume of trade among BRICS countries reached 230 billion U.S. dollars in 2010. Hailing BRICS' increasingly important role in the world economy, Assistant Chinese Foreign Minister Wu Hailong earlier said that cooperation among member countries will help to boost the world economy and bridge cooperation between developing countries and developed ones. He said, such cooperation conforms with the interests of the five states and the global community as a whole and the summit will open, transparent and inclusive, and will stick to the principle of unity, cooperation and mutual benefit. It is expected that all member countries can reach a consensus on tackling global challenges and strengthening coordination on global issues. “With same or similar concerns and standpoints on important global issues in economics, finances and development, the BRICS countries have the basis for broadening cooperation. AIR correspondent reports, China is hosting the third BRIC summit on 14th April in Sanya city of Hainan province. Prime minister Dr. Manmohan Singh will be leading the Indian delegation to the summit. The summit will be the first gathering of five countries after South Africas entry into the grouping. BRIC became BRICS when South Africa joined the emerging economies club in December 2010. The first summit of the enlarged organization will take place this month in China's southernmost city, Sanya. BRICS, comprising Brazil, Russia, India, China and South Africa, is intended to enhance the influence of emerging economies in the world. China has proposed Broad vision and shared prosperity as the overarching theme for the summit. Four sub themes are proposed for the agenda of the summit these are General discussion on the current international situation, international economic and financial issues like reform of international currency system, volatility of commodity prices, the Doha round etc’ the international development issues and cooperation among the BRICS countries.