Members of BRICS (Brazil, Russia, India, and South Africa) plan to set up a credit ratings agency for emerging markets as they aim to counter western hegemony in the world of finance, Economic Times of India revealed on May 16, citing sources informed of the plan.

The new ratings agency, which should provide credit risk ratings to other emerging or developing markets, should be launched at the coming BRICS summit which is to be hosted in October 2016 in New Delhi, the same source said.

The creation of this agency has been at the center of discussions at all BRICS’ summits for the past few years. The five BRICS leaders have often been critical toward the criteria used by the “Big three” of ratings (Moody’s, Fitch and Standard & Poor’s) in evaluating their economies.

Emerging economies claim that the western ratings are often biased and partial to developed economies. They say the big three which account for 90% of global ratings market are generally optimistic on developed nations and pessimistic when it comes to the developing ones.

BRICS members, estimating they were under-represented within the International Monetary Fund (IMF) and World Bank, opened in July 2015 their own development bank and reserve fund, hoping to lay the first stone for an alternative to the global financial structure born of the Bretton Woods agreements. BRICS represent 46% of global population and contribute to 19.8% of global GDP.