NEW YORK - A completely new economic system, initiated by the BRICS, is emerging with extremely rapid speed, said an international think tank Thursday, urging the United States and Europe to ditch geopolitics and work with them.

"The BRICS nations, namely Brazil, Russia, India, China and South Africa, have united to pursue a policy of economic development not just for their individual countries, but for the benefit of the people of all nations," said the Schiller Institute, a think tank with headquarters both in Germany and U.S., in a report released here at a seminar.

Contrary to the Trans-Pacific Partnership advocated by the Obama administration, which excludes Russia and China, the BRICS- related initiatives, including the Chinese proposed Free Trade Area of Asia and the Pacific are inclusive, the think tank said.

At the seminar, Helga Depp-Larouche, the think tank's founder, spoke highly of the BRICS, saying the emerging-market bloc " initiated a completely new economic system" which is win-win in nature.

In blazing a trail to build the new world economic order, the nations of the BRICS are working toward real economic development, complete with new credit institutions and major high-technology projects to lift the well-being of all participating countries, the founder said.

She also threw her weight behind a series of other initiatives proposed by China, including the Asia Infrastructure Investment Bank (AIIB) and setting up of a Silk Road Development Fund. These initiatives are aimed at seeking mutually beneficial results and not geopolitical in nature, she said.

Instead, they will boost real economy by financing the infrastructure construction, which is of particularly significant given that the current casino economy is creating a lot of bubble and increasing the gap between the rich and the poor across the world, she reckoned.

"The U.S. government, misjudging the situation tremendously, put pressure on allies and developing countries to under no circumstances be part of AIIB," she said.

The think tank called on the United States and Europe to abandon the destructive policies of past which led to the two World Wars and join the win-win perspective presented by the BRICS. "It is a life and death question," the Larouche said.

Meanwhile, Executive Intelligence Review's 370-page report, entitled "The New Silk Road Becomes the World Land Bridge," was also presented at the seminar sponsored by EIR.