Leaders of the nations in the BRICS grouping, which accounts for 37% of global economic output, predicted its influence would grow as they met in Russia on Tuesday, outlining common projects ranging from a grain exchange to a cross-border payments system.

Russian President Vladimir Putin is hosting leaders from China, India and other countries for the bloc’s first meeting since its expansion.

The BRICS summit in Russia will be the "the largest foreign policy event ever held" by Russia, Kremlin foreign affairs adviser Yuri Ushakov has said. The summit with include 36 countries with over 20 represented by heads of state. Russian President Vladimir Putin has positioned the BRICS summit as a counterweight to the West.