Brazil, Russia, India, China and South Africa (BRICS) are leading emerging economies and political powers at the regional and international level. The acronym was originally coined in 2001 to highlight the exceptional role of important emerging economies and the then acronym included Brazil, Russia, India and China (BRIC) only. It was pointed out that high growth rates, economic potential and demographic development were going to put BRIC further in a lead position and it was argued that their increased relevance should also be reflected in their incorporation to the G7 (O’Neill 2011). The four countries themselves started to meet as a group in 2006 and it was only in 2010 that South Africa was invited to join the group, which was then referred to as BRICS.