Leaders of the Brics group are in India to discuss closer trade links, amid Tibetan protests aimed at Chinese President Hu Jintao.
Joining leaders of Brazil, Russia, India, and South Africa, Mr Hu is in New Delhi for the fourth meeting of the bloc of emerging nations.
They are expected to commit to the set-up of a new bank that will fund projects in developing nations.
On Wednesday, a Tibetan activist who set himself on fire on Monday died.
Jamphel Yeshi set himself on fire at a protest in the Indian capital against the visit by Mr Hu for Thursday's summit.
The Tibetan government-in-exile is located in the northern Indian city of Dharamsala. In recent months at least 25 Tibetans in China have set themselves alight in apparent protest against Beijing's rule of Tibet.
The protests foreshadowed the talks of the emerging economics that are also growing in diplomatic clout globally.
The five countries now account for nearly 28% of the global economy - a share that is expected to continue to grow.
The joint development bank, top on the agenda for the summit, will be established along the lines of the World Bank and Asian Development Bank, offering funding outside the current global financial system.
The group is looking to increase their trade links and decrease dependency on Europe and the United States, correspondents say.
It is expected to discuss plans to link their stock exchanges and an attempt to set up a system to replace the dollar as the main unit of trade among them.
Political issues, including a discussion on Iran and Syria, are also on the agenda.
But the Brics nations, which have radically different economies and political systems, have often struggled to find common ground in the past, says the BBC's correspondent Sanjoy Majumder, and so there are many who are sceptical of the outcome of these latest talks.
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