The experience and future potentialities of brics as a trading bloc

One of the significant efforts in the world towards the formation of trading bloc in 20^th century is the economic union of the BRICS (Brazil, Russia, India, China and South Africa).The rise of these emerging powers is reshaping the global economy and, more gradually, international politics. Growing much faster than the rest of the world, these economies are changing the structure of international production and trade, the nature and direction of capital flows, and the patterns of natural resource consumption. At the same time, the growth of these countries is beginning to shift the global distribution of power, forcing the great powers to come to terms with reality that they will need to share management of international rules and systems in the coming decades. From last decade the world has experienced significant transformations in geopolitical and economic terms, and in the location, organization and distribution of production. For several reasons, emerging economies such as Brazil, Russia, India, China, and South Africa (BRICS) have acquired a most important role in the world economy as producers of goods and services, receivers of capital, or potential consumer markets.

At this decisive juncture when countries across the world are exploring new avenues to triumph through regrouping into economic blocks, BRICS countries have to accelerate to remain in stable position. For the very same reason it is impossible to overstress the importance of BRICS union in global economy. In this background the paper makes an endeavour to analyse the performance of BRICS as a trading bloc and future potentiality of trade among its member countries.