Chinese President Hu Jintao at Palam in New Delhi on Wednesday.

New Delhi, March 28
Leaders of five major emerging economies - Brazil, Russia, India, China and South Africa - will meet here tomorrow for the fourth BRICS Summit that is expected to inject greater economic momentum into the grouping and further enhance its political standing in the global arena.

The BRICS group has emerged as a loose united front to break the hegemony of rich Western economies, especially the United States, which have traditionally dominated international diplomacy.

Brazil's President Dilma Rousseff, Russian President Dmitry Medvedev, Chinese President Hu Jintao and South African President Jacob Zuma will be hosted by Indian Prime Minister Manmohan Singh for the day-long summit that will conclude with the signing of two agreements and the 'Delhi Declaration'.

The two accords to be signed among the five nations will enable the credit facility in local currency for businesses of BRICS countries, according to Sudhir Vyas, Secretary (Economic Relations) in the External Affairs Ministry.

The pacts are expected to scale up intra-BRICS trade which has been growing at the rate of 28 per cent over the last few years, but at $ 230 billion, remains much below the potential of the five economic powerhouses.

Ahead of the summit, trade ministers of participating nations met today to discuss ways to strengthen economic ties. They agreed to make collective efforts to break the impasse over the Doha round of WTO talks and coordinate their positions at other multilateral for a, especially at the forthcoming meeting of the G20 trade ministers.

The summit, with the theme 'Partnership for Stability, Security and Growth', is being held against the background of the continuous, deep and complicated changes of international situation, Euro-zone debt crisis, the US financial problems and turbulences in West Asia and North Africa, as well as multiple uncertainties of world economic recovery.

BRICS is a unique grouping of countries with shared opportunities and common challenges. It was formalised with the first meeting of the Foreign Ministers of Brazil, Russia, India and China on the margins of the United Nations General Assembly in New York in September 2006.