The recent developments in BRICS economic cooperation consist of efforts to enlarge the scope of participating countries in the organisation. BRICS countries claim a higher degree of status in international trade. The initial goal is to relieve the effects of the US Dollar as the predominant global currency in international trade and financial markets. Demand for the US Dollar and related contagious effects could be eased effectively through bilateral agreements among member countries by using local currencies. Recently, the BRICS countries founded the New Development Bank. Journal of International Development, 35(4), 112–128.with the purpose of funding infrastructure and sustainable development projects in emerging markets and developing countries. In the future, it may establish itself to effectively become an alternative to the IMF. The introduction of a common currency is discussed as a further step to deepen economic and financial cooperation with BRICS. This chapter addresses these efforts of gaining a new position in the global economy, aiming to analyse the feasibility of the economic and financial integration steps.