On June 18, 2012, the leaders of the BRICS—a group consisting of Brazil, Russia, India, China, and South Africa—convened for an informal meeting in Los Cabos, Mexico. This meeting took place alongside the G20 Summit, which is a gathering of leaders from 20 of the world’s largest economies, focusing on key global economic issues.

The meeting occurred at a critical juncture for the global economy, which was navigating the complexities of post-2008 financial recovery, addressing the ongoing Eurozone debt crisis, and witnessing substantial shifts in economic power from the traditional Western powers towards emerging economies.

The primary goal of the BRICS informal meeting was to create a platform where the leaders could engage in open dialogue about issues impacting their economies and the global economic landscape at large. They addressed shared concerns and developed consensus-based positions to articulate during the larger G20 meetings. By coordinating their strategies and policies, the BRICS nations sought to amplify their collective voice in global economic affairs.

Key topics of discussion would have likely included:

1. Global Economic Stability: The BRICS leaders probably discussed strategies to contribute to global recovery and to enhance the role of emerging economies in fostering stability and growth.

2. European Debt Crisis: The debt issues facing several European nations were almost certainly on the agenda, as the BRICS nations had a vested interest in ensuring that the crisis did not spread, destabilize global markets, or negatively impact their own economic growth.

3. Development and Infrastructure Funding: With the BRICS nations often being home to significant infrastructure needs, discussions may have been held around creating or fortifying funds and banks dedicated to development projects within BRICS and other developing countries.

4. Improvement of Global Governance Structures: The BRICS countries had been advocating for reforms in global financial institutions like the IMF and the World Bank to ensure they reflect current economic realities and allow emerging markets greater say in global affairs.

5. Intra-BRICS Cooperation: The leaders consistently strive to enhance collaboration between their nations in various sectors, potentially discussing advancements in BRICS-centric initiatives such as the establishment of a BRICS development bank and contingency reserve arrangements.

6. Sustainable Development and Climate Change: These are concerns that the BRICS nations share with the rest of the world, and they often deliberate over strategies to balance economic growth with environmental preservation.

The leaders typically end their meetings with a joint statement which reflects their agreed positions and areas for cooperation, further solidifying their collective negotiating power when they return to the main G20 summit sessions.

In the broader context, the Los Cabos informal meeting symbolized the ongoing evolution of the BRICS from an investment-market concept into a diplomatic and political alliance with potential implications for global governance and the economic balance of power. Their dialogue reflected the maturing perspectives of these nations as key players in addressing issues that transcend national borders, signaling their readiness to be part of the solution to the world’s most pressing economic challenges.