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British companies are "writing their own death warrants" by not capitalising on opportunities to trade with the BRIC countries (Brazil, Russia, India and China), according to a report by consultants Grant Thornton.

The group's International Business Report (IBR) states that, far from being a threat, most of the world's businesses were taking advantage of the rapid growth in these countries, but the UK had fallen amongst a small group of countries.

The report adds that less than half of UK businesses (46 per cent) believed that globalisation presented an opportunity to their country, showcasing the ambivalent attitude currently displayed by UK companies.

This is in stark contrast to the 82 per cent of Indian businesses who believed that globalisation presented a significant opportunity for their country.

Looking specifically at the economic expansion of the BRIC countries, UK business owners felt that over the past few years they had very little impact on their own companies.

Anuj Chande, international business partner at Grant Thornton, said: "UK businesses are burying their heads in the sand by failing to make the most of the opportunities that the expansion of the BRIC countries offers them.

"It is little wonder that their growth rates are lagging well behind their EU and global counterparts. Combined, the BRIC countries are expected to represent 44 per cent of GDP by 2050. To remain competitive in the future, companies have little choice but to act now and seize the opportunities that the world's fastest growing economies presents."

The report adds that UK is failing to take advantage of the opportunities that importing from the BRIC countries can offer. Nearly 97 per cent of UK businesses do not and have no formal plans to start importing from Russia, followed by 96 per cent not planning on importing from Brazil, 89 per cent ignoring importing opportunities from India and 79 per cent from China.

The report also highlighted that UK businesses have no ambitions to export their goods and services to BRIC countries as 94 per cent do not or have no formal plans to export to Brazil, 91 per cent have ignored Russia as an export destination, 90 per cent have forgotten the long standing ties the UK has with India and 87 per cent have failed to see the potential of China as a country to export to.

Chande added: "I can scarcely believe that not only are UK businesses missing out on these vital import and export opportunities, but they also have no ambition to involve themselves with the fastest growing economies in the world.

"UK businesses of this size can not afford to carry on this way and expect to prosper in the long run. From our perspective, it's a no brainer. Do business with these economies and the possibilities they can afford are endless."