IntroductionThe ‘BRICs’ has been an increasingly popular concept in both the public media and academia.1The countries of this group of emerging markets share as common characteristics large popula-tions, less developed but fast growing economies and governments willing to embrace globalmarkets. Quantum changes are predicted in global economic power, with the BRIC countriesgaining increasing importance and eventually becoming four of the six largest economies inthe world by 2050 (Wilson & Purushothaman, 2003). Moreover, buoyed by their rising economicpower, the BRIC states will keep expanding their diplomatic influence and playing more importantroles in the international arena both regionally and globally