Bangladesh, July 16 -- When the BRICS bloc-originally comprised of Brazil, Russia, India, China, and South Africa-was formed, it was touted as the future of multipolarity. A coalition of rising economies, united by shared frustration with Western dominance in global institutions, BRICS was meant to offer an alternative vision of world order. With the recent expansion to include Iran, Egypt, Ethiopia, the United Arab Emirates, and Indonesia, some hailed the emergence of “BRICS+” as a Global South counterweight to the G7. But the 17th annual BRICS Summit, held in Rio de Janeiro, has brought that vision into question.

The Rio summit was far from the triumph many had anticipated. Despite adopting a long list of joint positions, t...