Globalisation is no more a new phenomenon. Its momentum has lost pace in the recent years worldwide. On the contrary, regionalism or region-economic centrism is gaining strength as newer entities like BRICS are consolida

The concept of economic regionalism is defined as an empirically observable process of increasing cross-border activities, cooperation and coordination within a group of countries through integration. Originally, the concept of economic regionalism has been based on economic cooperation between natural partners (neighbouring countries or countries on the same continent). But since technological progress reduced transaction costs, intercontinental and global economic integration has become important in recent decades. Geographical distance may stay important for trade flows, but intercontinental relations of emerging countries record a steady rise in trade relations. Political Stability is the key to sustainable economic development across the world. In general, regionalism could be defined as preferential cooperation among nations that are relocated in terms of geographical proximity, with certain common characteristics such as historical, cultural, political, and so forth. The objective of cooperation might be economic, political, or cultural in nature. In this context, the economic regionalism is considered more autonomous, outward oriented, comprehensive and multi-dimensional process which included trade and economic integration, environment, social policy issues relating to security and democracy, where the nation-states and other actors played an important role. The BRICS are a fine example of explaining this new dimension of economic regionalism (regionalism lesser importance on physical borders) where BRICS intra-regional trade relations become the binding factor towards its economic integration and independence. BRICS countries are trying to build up within the concept of shared democracy by modifying the group's institutional mechanism. Shared democratic decisions are more visible in the form of mutual interests and concerns of BRICS member states, which are enhanced to make a strong institutional mechanism. From a business perspective, globalization has two prime characteristics: first, it involves growing interdependency between countries and, second, it is multi-faceted with many different business aspects. In spite of its growth, globalization is only one of many aspects in the development of international and global business strategy. For many organisations attempting to develop an international or global strategy, globalization is not the prime strategic focus.