The term ‘BRICS’ refers to the developing or newly industrialised countries of Brazil, Russia, India, China and South Africa. Particular emphasis is on these countries’ large and rapidly growing economies, as well as their increasing influence on the global stage. These countries presently represent about 3 billion people, almost half of the world’s population. The group was established in 2009 as BRIC and South Africa was officially welcomed in 2010. One of the main objectives of BRICS is to promote global economic stability and reform financial institutions.