Finance minister Pranab Mukherjee said on Friday South Africa was being brought in alongside his country, China, Brazil and Russia as part of the group of developing economies hitherto known as the BRIC club.
"Today South Africa has been formally inducted into the BRIC grouping. From now on it will be the BRICS and this will be a key south-south global forum," said Mukherjee, who was in Paris for talks with other finance ministers.
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"There will be a BRICS summit in April in China. That is the plan as of now," he added.
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