Dissatisfaction with Traditional Multilateral Institutions and the Role of BRICS in the Emerging Architecture of Global Governance

Dissatisfaction with traditional international multilateral institutions such as the International Monetary Fund (IMF), the World Bank, and the World Trade Organization (WTO), alongside the stability, development, and growing influence of emerging markets and their challenge to Western-dominated institutions, has raised concerns that the international community may be unable to provide the governance required to ensure development and stability. As a result, new informal groupings have emerged at the center of global governance with the objective of reforming the international system, leading to the formation of a multilayered international architecture in global governance.

BRICS as a Symbol of a New Trend in Global Governance

BRICS can be regarded as one of the most prominent manifestations of this emerging trend in global governance. The increasing momentum of BRICS as a representative of the developing world reflects a high level of dissatisfaction with the current formal architecture of global governance.

Milestones and Key BRICS Institutions

The fifth and sixth BRICS Summits in 2013 and 2014 can be considered turning points in the evolution of the BRICS group. During these two summits, BRICS leaders agreed on the establishment of the first formal BRICS institutions.

Institutions Established During the 2013 and 2014 Summits

• New Development Bank (NDB)
• BRICS Contingent Reserve Arrangement (CRA)
• BRICS Business Council
• BRICS Think Tanks Council (BTTC)

These institutions demonstrate that BRICS has moved beyond a political dialogue framework toward establishing practical instruments for financing, financial stability, and strengthening intellectual and commercial cooperation among developing countries.