The BRICS summit sends an important message: A new geopolitical and, above all, economic power is emerging here as a counterpole to the West.

The alliance of states around China, Russia and India includes six additional countries: Saudi Arabia, Iran, the United Arab Emirates, Argentina, Egypt and Ethiopia.

The so-called BRICS Plus account for 29.2 percent of global economic output. In the coming years, the weighting is likely to shift further in favor of the BRICS countries. By comparison, the G7 countries still represent 45 percent of global GDP today.

Whether the BRICS alliance can play out its geopolitical power depends on whether the member states get their many conflicts among themselves under control.

Indian economist Manoj Kewalramani advises the West not to overreact. At the same time, it should recognize that developing countries need to have a much greater say at the international level.