BRICS could become a new pillar of global governance—if its rapid growth doesn’t erode its newfound clout

BRICS has come a long way since Goldman Sachs economist Jim O’Neill thought it up in 2001. As of January, it now comprises ten countries: the original five of Brazil, Russia, India, China and South Africa, and five new additions in Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates.

As the postwar U.S.-led international order shows its cracks, it can be tempting to view BRICS as a potential pillar of a new world order. It has almost half of the world’s population, almost three-quarters of its rare earth minerals, and over a third of its crude oil.

In the eyes of its advocates, BRICS is the core of a new world order, where Western voices can no longer dictate the global agenda or serve as the only source of finance, technology, or expertise. It can serve as an avenue to find new markets, build new supply chains and hedge against a more protectionist White House.

BRICS is certainly spooking some in Washington. U.S. President Donald Trump has routinely threatened to impose 100% tariffs on BRICS+ countries if they move to develop their own currency. He’s also propos...