PerspeCtive BRICS in Global Governance A Progressive and Cooperative Force? NIU HAIBIN September 2013 „ „ Given their expanding economic size and increasingly active diplomacy, the BRICS countries are gradually gaining greater influence over the international decision-­making process. Managing the influence of these emerging powers and reforming global institutions will become decisive issues for establishing an effective global governance system. „ „ The slow pace of governance and quota reform at the IMF is a backward step. The US and Europe should truly raise emerging powers’ rights in return for an increase in financial contributions to the IMF. Both sides should treat the reform seriously. „ „ The international community should encourage the five permanent members of the UN Security Council to offer emerging powers a non-permanent, but longer-term and more substantial standing on the Council. This would be a good way to preview the performance of emerging powers. Gradual changes to the Council may also be amenable and beneficial to established powers. „ „ The deepening of cooperation between BRICS countries is resulting in some substan­tial institutional initiatives such as the creation of a New Development Bank. Such initiatives will open up to the developing world new resources, experiences, and an understanding of the priorities of emerging powers. The impact of such initiatives on existing international financial institutions is to be observed. „ „ In general, an incremental and cooperative approach, guided by the mindset of co­operative stakeholders, might serve BRICS better in their efforts to transform the current world order peacefully and constructively.