According to Vishnu Prakash, joint secretary and spokesman of India's Ministry of External Affairs, the grouping has already been able to emerge as an important voice.

"All of the BRICS countries are members of the UN, of which two are permanent (members of the Security Council). It is a process which will evolve with the passage of time. It has emerged as a forum for policy coordination and the exchange of ideas," he was quoted as saying by the Indian newspaper Business Standard.

But experts also warned of challenges to the smooth development of emerging economies, including the sluggish economy in developed countries.

The ongoing Middle East crisis, and the surging price of commodities, such as crude oil, grain and minerals, pose risks to the development of emerging economies, said Chen.

Zheng from the China Center for International Economic Exchanges further warned that the income gap and inadequate social welfare systems may also slow down the BRICS' development.

BRICS is currently a loosely connected economic forum. Sometimes, the member countries have no coordinated stance on major world issues.

To get BRICS to play a bigger and more unified role, it definitely needs more institutionalization, said Jin.

As BRICS consists of countries with different political systems and their opinions may differ on certain topics, Jin said they cooperate in some sectors which are less sensitive in order to avoid sudden setbacks. These may include public health and climate change.

Yang Jiemian, president of Shanghai Institutes for International Studies, said the BRICS should increase their coordination in the framework of large international meetings such as the G20 and the UN General Assembly.

Yang also advised that the BRICS should build a dispute and crisis management mechanism to cope with possible international frictions.