BRIC is an acronym that refers to the fast- developing economies of Brazil, Russia, India and China. The acronym was first used by Goldman Sachs in 2001 and has become an established name in the global business. Goldman Sacs indicated that they are growing so fast that the combined economies of BRIC could surpass the combined economies of the current richest countries of the world by 2050. Here are some facts about BRIC countries:

• The four countries currently account for more than a quarter of the world's land area and more than 40% of the world's population.
• Four BRIC nations seek to play an important role in the global economy.
• They are disparate in terms of their economic positions; for example, Russia and Brazil are commodity exporters, whereas China is a big commodity importer; China is in favor of the Doha trade round, India is against it; India and China are striving to increase their influence in the Indian Ocean, and Russia and China compete in Central Asia.
• Almost 60% of all the increase in the world output that occurred in 2000-2008 happened in developing countries; half of it took place in BRIC alone.
• Economic activity has been growing among BRIC nations recently; China overtook the U.S. to become the largest export market of Brazil. China is also the largest exporter to India. Brazil is currently receiving investment funds from China: $10 billion into Petrobras, Brazil's state-run oil company.
• Demand for Brazilian planes from Embraer, refrigerators from China's Haier appliance maker and gas from Russia's Gazprom are increasing.

On June 16, 2009, the leaders of the BRIC countries held their first official summit in Yekaterinburg and issued a declaration calling for the establishment of a multi-polar world order. They discussed topics such as asserting more participation in the global economic and financial arena, and reforming the IMF. Even though the joint statement indicated a "diversified, stable and predictable currency" system, it did not challenge the fact of the dollar being the world's global reserve currency.
 
The spectacular growth of the BRIC countries not only lifted hundreds of millions out of poverty, but will also increase demand for American products and services. The rise of BRIC nations presents excellent opportunities for competitive and export-ready U.S. small and mid-sized companies to grow and provide the needed boost to our economy.
 
Ayse Oge, Ultimate Trade LLC, International Trade Consulting, Speaking and Training. She can be reached by e-mail at oge@earthlink.net or by phone 818-609-9196.  www.goglobaltowin.com