The first meeting of BRIC (Brazil, Russia, India and China) leaders started in Russia's Ural city of Yekaterinburg on Tuesday.
This was the first full-scale summit of BRIC leaders and the leaders would discuss the world economic situation, Russian President Dmitri Medvedev said at the opening of the meeting.
The leaders were also expected to discuss the global financial system, the financial crisis, energy cooperation and environmental protection.
BRIC, a term coined by Goldman Sachs economist Jim O'Neill in 2003, refers to the four emerging economies of Brazil, Russia, India and China.
BRICs accounted for 42 percent of the world's population, 14.6 percent of global gross domestic product (GDP) and 12.8 percent of the global trade volume in 2008.