With reference to the BRICS, consider the following statements- 
I. The BRICS brings together five of the largest developing countries of the world, representing 41% of the global population, 24% of the global GDP and 16% of the global trade.
II. The acronym "BRICS" was initially formulated in 1999 by economist Jim O'Neill, of Goldman Sachs, in a report on growth prospects for the economies of Brazil, Russia, India and China.
III. The first BRIC Summit took place in 2008 in the Russian Federation and focused on issues such as reform of the global financial architecture. Which of the following statements is/are TRUE?