The international world order has been changing rapidly since the turn of the twenty-first century. BRICS, as an economic association, that unites five countries, each of which is the leading state in its own region, is faced with a variety of modern-day challenges. The article examines the most important issues for BRICS, as well as the outcomes and potential future directions for deepening cooperation among the BRICS member states and in more extended formats. The main purpose of the article is to identify major trends and factors that influence the formation of the BRICS agenda and the future direction of development. Other important tasks that could be mentioned are determining the reasons for the intensification of political cooperation, obstacles and opportunities for BRICS institutionalization as an international organization and potential expansion. To become a stable international institution, BRICS needs to devise an effective strategy of development that includes key areas such as the economy, investment cooperation, digitalization, security, ecology, and the environment. The creation and strengthening of external relations of BRICS with leading developing countries and international organizations, as well as cooperation on the basis of equality, complementarity, and mutual benefit in the economic, scientific, and technical fields, taking into account the significant resource base of BRICS countries, the largest labor resources, capacious domestic markets, goals of economic modernization and high technologies, as well as food and energy safety will provide BRICS with the opportunity to form an effective development strategy to gain a foothold in the multipolar world order.