The importance of the "BRIC" (Brazil, Russia, India, China) countries has nothing to do with the fact that they are "emerging."
It has everything to do with the fact that at least some of them are likely to be future global superpowers.
There are only five countries in the world with "Continental" size. By our definition, that would be 100 million people AND 1 million or more square miles. Those five countries are the Brazil, Russia, India, China--and the United States. (A few other countries come close, but don't quite make the cut in one or both respects.)
Of those five countries, the United States is already a superpower, and China is about to be. India is just a bit behind, and Brazil is a lot behind. Russia is the question mark.
A century ago, the "Big Four" might have been the United States, Great Britain, Germany, and Russia. You might have added Japan to make it five.
Russia did the worst of the bunch. But her participation in World War I and War II altered the growth trajectories of at least Britain, Germany, and Japan.
Of the "new" five, only the United States is a sure repeater in the twenty-first century. Britain, Germany, and Japan dropped out, largely because they lost their colonies. One of those colonies was India, which is one of the new powers in her own right. Having escaped becoming a colony of Japan, China is another emering power. Brazil seemingly came from "nowhere." And Russia is the question mark, now, as before.
Russia is the single largest country in the world in terms of land. And her population is not small either. As before, there's a small chance that she could emerge as the most powerful country in the world, but a much larger chance that she will remain backward, at least as "superpowers" go.
In a ten-unit BRIC portfolio, we might give three units apiece to Brazil, India, and China, and only one to Russia.