Russian President Dmitri Medvedev and his Brazilian counterpart Ignacio Lula da Silva have agreed that Russia will host a summit of emerging economies scheduled to be held next year. Brazil, Russia, India and China are trying to form a counterweight against the established economies. They call their organization the BRIC group. President Medvedev is in Brazil as part of a tour of Latin America. He reached agreement with the Brazilian president on further military cooperation, but no arms deals were closed. The Russian president will travel on to visit Venezuela and Cuba.