Unlike "the third world", BRICS has a formal organisation, a headquarter, regular summits, a development bank (unimaginateively named "New Development Bank"), a

Unlike "the third world", BRICS has a formal organisation, a headquarter, regular summits, a development bank (unimaginateively named "New Development Bank"), a liquidity support framework, and others. It's not a very close association, but it's also far more than just a label.