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The expansion of BRICS has come at a time of great geopolitical and economic upheaval. The traditional torchbearers of liberal economic ideals have been vacating that space, creating a once-in-a-generation imperative for change and new ways of cooperation. The failure of international organisations like the UN, WTO, IMF, and World Bank to adapt to the realities of the 21st century, a decidedly multipolar world, has made it impossible for the status quo to remain. This has been exacerbated by an undeniable tilt of the economic axis from the so-called global north to the so-called global south. The expanded BRICS and its partner countries will write the new rules of international cooperation.
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