BRICS+
The expanded bloc of major emerging economies, originally Brazil, Russia, India, China, South Africa, now including Saudi Arabia, UAE, Iran, Egypt, and others, that is coalescing as a geopolitical and financial counterweight to the G7/NATO-aligned Western order, particularly around alternatives to dollar-denominated trade.
BRICS was coined in 2001 by Goldman Sachs economist Jim O'Neill to describe the major emerging economies (Brazil, Russia, India, China) expected to dominate 21st-century growth. South Africa joined in 2010. The grouping formalized as an annual summit from 2009. In 2024, BRICS expanded ('BRICS+') to include Saudi Arabia, UAE, Iran, Egypt, Ethiopia, and Argentina (which subsequently reversed its decision under Milei), with several dozen more countries in observer or application status.
Why BRICS+ matters beyond economics: the expansion of BRICS+ is a geopolitical statement, major Global South countries that were previously US-aligned (Saudi Arabia, UAE) are hedging toward multipolarity. The inclusion of Iran (under US sanctions) and Saudi Arabia (a US security partner) in the same bloc signals the limits of American coercive leverage. Combined, BRICS+ countries represent roughly 45% of world population and 35%+ of global GDP (PPP).
The dollar alternative question: BRICS+ members have discussed alternatives to dollar-denominated trade settlement, including bilateral currency swaps, commodity-backed currencies, and a BRICS payment system. Progress has been slow, China's yuan is not freely convertible, member currencies are not stable enough for a reserve currency, but the direction signals long-term dollar diversification rather than replacement.
Predictive History uses BRICS+ as the institutional expression of multipolarity, the organized form of the counter-coalition that American hegemony's contradictions are driving together. The more the US weaponizes the dollar (sanctions, SWIFT exclusion), the stronger the incentive for potential targets to build alternatives.
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Frequently asked questions
What countries are in BRICS+ in 2024? ＋
Original five: Brazil, Russia, India, China, South Africa. 2024 expansion invited: Saudi Arabia, UAE, Iran, Egypt, Ethiopia. Argentina accepted then reversed under new president Milei. Dozens more countries have applied for membership or observer status. The expansion signals that many Global South countries are hedging away from Western alignment.
Is BRICS+ replacing the dollar? ＋
Not imminently, but it is building alternatives. Member countries increasingly settle bilateral trade in local currencies (rupees, rubles, yuan) rather than dollars. A BRICS payment system is under development. The yuan is expanding as a trade currency. However, a true reserve currency requires convertibility, deep financial markets, and institutional trust, none of which BRICS currencies currently offer at dollar scale. The trajectory is dollar diversification over decades, not replacement.