"What we can describe as a positive trend interconnected with global economic changes is the trend towards development of regional institutions like BRICS," stated Fedor Voytolovskiy, Director of the Institute of World Economy and International Relations (IMEMO) at the Russian Academy of Sciences, at the Global Strategic Dialogue 2024 in Beijing. As global economic changes unfold, institutions that were once regional or club-like are becoming pivotal actors in governance, cooperation, and decision-making.