The third BRICS Summit was held in Sanya in China. South Africa, the newest member of the grouping formally joined during this summit. The leaders of the five emerging economies discussed mutual bilateral ties, uncertainties in West Asian and other North African countries, impacts on energy supplies and the need for a change in the international financial system among other issues.

BRICS countries account for 40 per cent of the global population, and 20 per cent of the global Gross Domestic Product (GDP). Also, they are part of the G 20, besides all being members in the United Nations Security Council (UNSC). However, the differences between the five are numerous and range from unhappiness from Brazil's and India's side with Chinese goods flooding Brazilian and Indian markets, to trade imbalances. During a meeting between trade ministers of the five, China was asked by Brazil, Russia, India and South Africa to buy more of their value added products, with a particular reference to Indian pharmaceuticals. China agreed to address trade deficit issues in the back drop of Brazilian and Indian complaints regarding the Yuan being undervalued.

A repeated message of the summit was cooperation among the five. Also, a broad based international reserve currency for "providing stability and certainty" was called for. A joint communique called the Sanya Declaration was issued at the end of the summit.