The BRIC bloc is on everyone?s mind since its formal introduction in 2003. It has attracted the highest visibility and attention in the past few years. To a great extent it can be said that BRIC drives the world economy. As on 2005, BRIC generates about 10% of world income?goes up to 26% if taken in PPP term, shares 29% of world surface area and 42% of world population. It shares about 21% of global merchandise trade and about 15% of global commercial services trade, next to perhaps EU. BRIC is a net manufacturing exporter?surplus in merchandise trade, and a net services importer?surplus in services trade. On almost every scale, BRIC is the largest entity on the global stage.

BRIC today is a busy highway of trade and a new source of energy and life. China and India are rising stars, growing at double-digit figures. China and India are the dominant global suppliers of manufacturing and services, while Brazil and Russia offer technology, energy and raw materials. The supply of energy is added advantage of BRIC. For example, Brazil is dominant in soybean and iron ore and Russia has enormous supplies of oil and natural gas.

Brazil and Russia have appeared as the major commodity suppliers to India and China. Rising stock markets in BRIC is an indication of the growth that is occurring in the region and the future potential.

Cities in BRIC are fast becoming global cities. Today, Shanghai, Mumbai, Bangalore, Moscow and Sao Paulo are considered to be the centres of the world?s ongoing economic boom. BRIC offers plenty of opportunities, either as a location for private sector investment or as a place to live and work.

The rise of BRIC is not a threat to any other country or any region. Countries in BRIC have a shared objective of prosperity. India and China have the economic space that can accommodate the ups and downs of the world economy. BRIC is a perfect example of South-South trade and solidarity. BRIC countries are committed to the globalisation process. All the four BRIC countries, particularly India and Brazil, are heavily engaged in strengthening global trade and investment either through WTO or unilaterally. BRIC countries are major exporters of goods and services and have adopted a supportive stance during negotiations on the liberalisation of trade in goods and services in the WTO.

However, the rationale behind a BRIC regional trading arrangement (RTA) lies at WTO. A slowed develop-ment process in WTO has caused proliferation of regional trading blocs across the world. Looking at massive rise in RTA proliferation (likely to touch 400 by 2010), the WTO Chief Pascal Lammy commented in January this year in Bangalore that RTAs are nothing but ?pepper? in multilateral ?curry?.

The WTO chief supported proliferation of RTA by indicating that multilateral curry still needs RTA pepper to make for better taste. Perhaps, world needs good quality pepper (and a good cook too) to save the multilateral curry getting spoiled.

BRIC is nevertheless a good quality pepper?21% of global merchandise trade share and about 15% of global commercial services trade share, that can make the multilateral curry have good taste.

While BRIC countries have comparative advantage in one or many manufacturing and services trade sectors, if barriers to trade are removed regionally, trade and investment potentials of BRIC will certainly be unleashed. The removal of barriers to trade is likely to result in lower prices, improved quality and higher competitiveness.

Nevertheless, an RTA among BRIC nations is imminent in order to enhance regional and global trade and invest-ment. Regionalism is not only quicker but also more efficient and certain. Low economic and resources overlaps, high complementarities in trade and investment, and growing economic exchanges among BRIC countries make it a perfect case of regional cooperation.

It is time for countries in the BRIC bloc to eliminate all the barriers that prohibit growth in trade and investment, and, at the same time, not to discriminate against each other in trade and investment. A firm framework of institutional ties of these four nations would ultimately yield a vibrant world economy.

BRIC is, therefore, a perfect case of vibrant regional cooperation group that can enhance regional and global integration. It has the potential to form a powerful economic bloc. Deeper regional cooperation among the BRICs should be the logical next step.

Meanwhile, BRIC nations have to go beyond political conflict and mistrust?which happens to be the case with India and China, civil unrest?rampant everywhere in BRIC, disease and terrorism. These are the factors which are difficult to predict but if not managed properly can impede the regional integration process.

?The author is Fellow at the Research and Information System for Developing Countries (RIS), New Delhi. He can be contacted at prabirde@ris.org.in. Views expressed are personal