It has already started since many years ago, established by BRICS and slowly adding many countries as new members. To challenge the hegemony of current economic power led by US.

https://www.forbes.com/sites/tilakdoshi/2022/07/21/brics-in-the-new-world-energy-order-hedging-in-oil-geopolitics/

https://en.m.wikipedia.org/wiki/BRICS