The summit is drawing a lot of attention from across the world amid increasing uncertainties about global economic recovery and the rising anti-globalisation sentiment in the West, Xinhua news agency reported.
Highlighting boosting economic growth, improving global governance and pushing BRICS (an association that groups the five major emerging economies of Brazil, Russia, India, China and South Africa) cooperation, the Goa summit is expected to produce common solutions that are effective and inclusive.
China, the bloc's constant supporter and active player, will be of great help by enhancing confidence in deepening partnership within the bloc and providing fresh impetus to the cooperation between developing countries.
The consensus reached during the September G20 major economies summit in Hangzhou city of China is in particular expected to boost the bloc's participation in global economic governance.
The bloc has grown rapidly over the past decade to become a multi-level forum for dialogue and cooperation that covers multiple fields.
Although, according to some experts, new difficulties and challenges would make BRICS economies vulnerable, the International Monetary Fund (IMF) has earlier this month revised up growth expectations for this year in emerging markets and developing economies.
Emerging economies such as India and China have maintained faster growth, and the developing economies will contribute over 75 per cent of global growth this and next year, remaining an important engine of the global economy, IMF chief Christine Lagarde said.
The BRICS leaders are scheduled to engage in dialogue with counterparts from members of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation to boost regional cooperation.
"People are pinning high hopes on the Goa summit, expecting to see how it will pool forces to implement and expand results of the G20 Hangzhou summit on global governance and innovative growth, as well as to materialise and deepen the BRICS cooperation," said Zhu Jiejin, deputy director with the Centre for BRICS Studies at China's Fudan University. (IANS)