The acronym BRICS stands for the five major emerging national economies: Brazil, Russia, India, China and South Africa. Due to their economic size, BRICS are gradually gaining greater influence on the international decision making process: BRICS members have intensified their commitment within the G 20, they have made valuable contributions to UN peacekeeping operations, and have established themselves as strong and active regional powers. The cooperation between BRICS countries is also deepening, resulting in some substantial institutional initiatives such as the creation of a New Development Bank. This paper is an updated version of its English original, which was first published at FES New York in April 2012.