Has BRICS lost its appeal? The foreign policy value added of the group

Just after a decade of its existence, the BRICS group and the rising powers narrative have lost some of their appeal. The economic growth story has stalled, and domestic political challenges curb the group's foreign policy potency. In the context of the presumed decline of relevance, the article asks what foreign policy value is BRICS providing for its members? An inner-group perspective is applied. The article argues that BRICS is offering a number of benefits. Namely: indirectly supporting domestic regime stability, protection from unwanted external interferences, flexible alignment in foreign policies and boosting of regional authority. The article goes through the rhetorical codification of BRICS summit documents, traces the uncodified principles of cooperation among its members and illustrates its argument with selected empirical examples. Far from being in decline, BRICS delivers important value added for the group which often goes missing in the literature on regional powers.