The article concerns the problem of the gradual change in the balance of power between the West and a group of rapidly developing countries, particularly the BRICS countries. The data from the World Bank, the IMF, the OECD, the Total Economy Database and other open sources have formed the base for research. In recent years, the world economy has demonstrated the accumulation of unresolved imbalances. Evaluation of observed trends in the world economy proves the need to complement the actions of international economic regulators and institutions. The center of accumulation of joint efforts can be considered BRICS.The key areas of cooperation are energy, finance, oil and gas and agricultural markets. It is advisable to use the cooperation opportunities of the BRICS countries in the innovation sphere. Industrial and technological cooperation can be an important incentive for the development of industries with high added value and significantly accelerate their technological renewal.