With reference to a grouping of countries known as BRICS, consider the following statements : 1. The First Summit of BRICS was held in Rio de Janeiro in 2009. 2. South Africa was the last to join the BRICS grouping. Which of the statements given above is/are correct?

Statement 2 is correct because South Africa was the last member to join the original BRIC grouping in 2010, officially expanding it to BRICS. Statement 1 is incorrect because while the first summit did take place in 2009, it was held in Yekaterinburg, Russia, not Rio de Janeiro. This question tests the core concept of the historical evolution and institutional milestones of major international organizations.