In 2024, there is little evidence to support the argument that BRICS is institutionalizing itself as a new basis of the multipolar world. Despite its recent expansion to include new member states, BRICS still lacks a central headquarters or official website, making it more of a diplomatic forum rather than a formal alliance.
While the addition of new members may lead to some form of institutionalization in the future, BRICS currently lacks a clear common goal or purpose beyond economic cooperation. Its main achievement so far is the establishment of the New Development Bank (NDB), which provides funding for development projects in member countries.
However, beyond the NDB, BRICS does not have a strong unified stance on military or political issues. It is not a military alliance and does not engage in joint defense operations. Its expansion may further dilute any common geopolitical goals, making it more of an economic cooperation platform rather than a strategic alliance.
In conclusion, while BRICS may have potential for economic cooperation, its current makeup does not support the idea of it becoming a new basis for a multipolar world. Its future seems to lie in purely economic and politically neutral cooperation, rather than forming a united front against Western powers.