Going forward, as Brazil, Russia, India, China and South Africa set forth a broad and compelling vision for the next ten years, that vision must be informed by the principles, purposes, associations and ambitions that guided them through their first decade of collaboration and partnership.

China will give 500 million yuan ($76.4 million) for a BRICS economic and technology cooperation plan, and another $4 million for projects at the BRICS countries’ New Development Bank, Chinese President Xi Jinping said on Monday.

Asian giants China and India have great potential for cooperation, Chinese Foreign Minister Wang Yi said on Wednesday, seeking to cast the neighbors’ difficult ties in a positive light ahead of a visit next week by India’s prime minister.

The current international monetary order is failing to provide the necessary tools to cope with episodes of capital flow volatility. In the short term, the BRICS countries should step in and take steps to address this issue. In the long run, they should seek to reform the monetary system and promote international financial stability.

The organization BRICS faces challenges defining a mutual mission. Although these five emerging economies pride themselves on forming the first important non-Western global initiative with the aim to end the era of Atlantic dominance, the grouping is still searching to define a common identity and build institutionalized cooperation. Additionally, the Goa summit indeed was a reminder of China’s lengthening shadow over BRICS. China’s motives reflect a domineering power in the organization through its efforts to assert regional dominance, and the BRICS organization, coupled by a lack of common interest, struggles to establish legitimacy.

Uniting and representing a great number of developing countries, BRICS will continue to be a major dialogue partner of the G7 on the G20 platform. BRICS is eager for international peace and stability, and it calls for a fairer and more reasonable international order and its due say in international affairs.

While international media focuses on Brazil’s mass demonstrations against corruption, efforts behind the façade precipitate regime change, restoration of a pre-Lula order, and a struggle against the BRICS nations. The U.S. feels threatened by an era of multipolarity, which deeply implicates China, and other emerging economies.

Far from competing with US interests, the two meetings offer blueprints for more and better cooperation with Washington in a new world order.

The partnership of developing countries offers a benign counterweight to Western dominance in the world, and can help shape a “new normal” in international relations.

As the focus of the West was fixed in Greece and Iran, the 7th BRICS Summit began a massive shift from a dialogue to an economic partnership – one whose full impact will be witnessed in the coming years.