ABSTRACT
The Brazil, Russia, India, China and South Africa (BRICS) retains its mission of building a multipolar, equitable and democratic world order, based on international law, and ensuring a fair representation of developing countries in the international institutions. Working in a network of existing multilateral, regional and national development banks, the New Development Bank (NDB) will augment its capacity to support productive development and play a vital catalytic role in the long-warranted reform of international financial and development institutions. The NDB can provide "a valuable platform for the BRICS advancing reform in the international financial and development architecture that favour developing and emerging countries". The shared values and goals of the five members define the BRICS's future cooperation as a concert of equals despite differing economic and political weights. The global governance functions of deliberation, direction setting, decision making, delivery and development of global governance in the BRICS discourse are balanced.
