with a gross domestic product of 7.2% of the global GDP
This doesn't sound right specially since BRICS includes China which is almost 20% of the global GDP alone with India being the next big one with about 10%.
Let's discuss the results of this expansion on the global economy and the possible position of the G-7 countries. And do you think that this is the beginning of the formation of a new world order, especially since in the speech of Russian President Vladimir Putin, he had stressed the need to deal with a common currency among the countries of the group in addition to local currencies ?
The New World Order is already established, it is only becoming more solidified with each major move such as creation of multiple economic, military, etc. blocs such as BRICS. It is simply creating these blocs that are not dominated or ruled by a single power that ends up abusing that power too. Instead it is multiple powers and blocs with the chance of such abuses becoming minimal.
There is still a lot of work to be done like establishment of a new payment system to replace SWIFT and possibly even new currency(ies) replacing the US dollar.
There are lots of good work being done though. Already lot of countries have bilateral agreements to trade using their own local currencies and gold. Many of such agreements are made in similar blocs like BRICS, SCO, ASEAN, etc.
As for the effect this will effectively bring more stability to the global economy so that first of all 2008-like incidents don't repeat where the demise of US economy screws the global economy and affects all countries around the globe one way or the other.
And secondly it allows lots of countries be it big or small, weak or strong to grow a lot since in the New World Order they can manage to get out of the US dictatorship preventing them from growth with sanctions and enforcement of laws that were designed to keep them back. Like Pakistan where in order to get a tiny loan from the US controlled IMF they were forced to increase the fuel prices among other things and ruin their economy first!!! In the New World Order a country like Pakistan takes the loan from the new bloc without them meddling in their internal affairs.