They are the 4 largest economies outside the OECD with annual GDPs of over $1 trillion. They also account for 40% of the world's total foreign exchange reserves, with China alone at a staggering $2.4 trillion. However, they have come into the lime-light more because of the recessionary debate about rebalancing the world economy. They are looking at reducing the influence of the United States, and it is rather ironic that it was the developed countries in first place that included the BRICs when they formed the G-20.
The countries have some common objectives, like reforming the international financial system and enhancing their say in world issues. Together as a group, they are able to assert more power when confronted with the developed countries. However, their internal complications (like the aim of the rest to soften China's rise, India's strategic rivalry with China and increased competition for exports to poorer countries) put them in a race against each other as well, which makes the group devoid of the coherence of the European Union. Moreover, they lack legal, historical and geographical similarities and objectively speaking, there has been more talk than concrete action by them.
As of now, the BRICs are more of an ideological grouping and their actual impact on the world economy is yet to be seen.
Sources: 'The trillion-dollar club', The Economist - April 15, 2010, Class discussion
