BRICS is now entering a new decade of its activity. The institute enters a new decade in the conditions of a general multilateralism crisis, the growth of protectionist and nationalist sentiments even in the most liberal states, the leaders do not want to be responsible for solving key problems and do not have the power to cope with challenges by themselves. On the one hand, BRICS members need to deepen and intensify the cooperation to compensate for possible losses in cooperation with western partners, and, on the other hand, consolidate their position on strengthening their influence in the global governance system as a whole. BRICS membership has been one of the key priorities for Brazil’s foreign policy for the last years. This membership allows the country to develop relations with other major regional powers, and to consolidate the position on the most important issues both for BRICS countries and the entire system of global governance. Brazil’s numerous economic problems and a serious political system crisis led to the election of a radical anti-establishment candidate Jair Bolsonaro. BRICS agenda requires transformation to preserve and increase its influence and relevance in the international system. Under these conditions Brazil will begin its presidency in the institution. This study presents an analysis of the general context in which BRICS is now functioning, the problems and goals of Brazil’s current socio-economic and political development and the objectives of its foreign policy and the opportunities and limitations that are brought by Brazil’s presidency in BRICS.