newly industrialised countries, but they are distinguished by their large, fast-

growing
economies and significant influence on regional and global affairs. As of 2013, the
five
BRICS countries represent almost 3 billion people, with a combined nominal GDP of
US$14.9 trillion,and an estimated US$4 trillion in combined foreign
reserves.Presently, India

holds the chair of the BRICS group.

In 2012, Hu Jintao, the President of China, described the BRICS countries as

defenders and
promoters of developing countries and a force for world peace.However, some
analysts have
highlighted potential divisions and weaknesses in the grouping, such as India and
China's
disagreements over territorial issues,the failure of the BRICS to establish a World
Bank-
analogue development agency, slowing growth rates,and disputes between the members

over UN Security Council reform.'