Regional Economic Grouping is not a new phenomenon. Mostly used to bolster trade among nations with geographical proximity, these associations are very powerful as regards the global trade scenario, NATO and OPEC being the most prominent examples.
However, BRICS is an example of a club of nation-states that are geographically dispersed, have very different economic needs and are culturally worlds apart. It makes an interesting case for the students of International Marketing/Trade/Business to study the relevance of this REG at a time when it commands over 25% of the world’s GDP and makes up for 43% of world population. It also helps materialize the aspirations of each member nation by strengthening its perceived economic brand in the world stage. The following article will help students understand why we, India, are considered the OFFICE of the world or why China is quickly replacing USA to become the new global banker.