{"id":23656,"date":"2025-10-03T10:06:36","date_gmt":"2025-10-03T14:06:36","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/en-us\/?p=23656"},"modified":"2025-10-03T14:05:25","modified_gmt":"2025-10-03T18:05:25","slug":"how-brics-sees-the-world","status":"publish","type":"post","link":"https:\/\/www.rbcwealthmanagement.com\/en-us\/insights\/how-brics-sees-the-world","title":{"rendered":"How BRICS sees the world"},"content":{"rendered":"\n<p class=\"italic\">\n      Following is an executive summary of the complete <a href=\"https:\/\/www.rbcwealthmanagement.com\/assets\/wp-content\/uploads\/documents\/insights\/global-insight-special-report-BRICS.pdf\"\n      title=\"How BRICS sees the world\" target=\"_blank\" rel=\"noopener\">\u201cHow BRICS sees the world\u201d<rbc-icon icon=\"file-pdf\" label=\"$text.get('icon-open-pdf')\"><\/rbc-icon><\/a>&nbsp;&nbsp;report, which is part of RBC\u2019s ongoing \u201cWorlds apart\u201d series\n      exploring trade fragmentation and deglobalization risks, along with their\n      ramifications for economies and investors.\n    <\/p>\n    <h2>A world in transition<\/h2>\n    <p>\n      There are signs the world is transitioning from a U.S. led Western\n      unipolar order which had characterized much of the post-Cold War period,\n      to a new multipolar framework where not only the U.S. and its Western\n      allies shape global affairs, but other countries outside the West also\n      have significant influence.\n    <\/p>\n    <p>\n      The intensifying strategic partnerships among BRICS countries are natural,\n      predictable outgrowths of the ongoing shifts in the geopolitical and\n      geo-economic orders.\n    <\/p>\n    <p>\n      Whether the post-Cold War \u201crules-based\u201d international order can be\n      extended amid these changes is up for debate and is a controversial topic\n      in Washington, understandably. Analysts at the West\u2019s leading\n      interventionist-oriented foreign policy think tanks push back against the\n      multipolar narrative and assert that the U.S. maintains its dominant role\n      and primacy (aka hegemony).\n    <\/p>\n    <p>\n      Nevertheless, some prominent Americans, including retired General and\n      Joint Chiefs of Staff Chairman Mark Milley, have acknowledged at least\n      since 2023 that the multipolar world is already here.\n    <\/p>\n    <p>\n      The BRICS association, along with its cousin Shanghai Cooperation\n      Organisation (SCO) entity\u2014both of which include the large Eurasian troika\n      of China, Russia, and India\u2014are attempting to chart a new multipolar\n      course.\n    <\/p>\n    <!-- SECTION -->\n    <h2>A bigger BRICS<\/h2>\n    <p>\n      BRICS has been expanding amid the geopolitical changes. It has grown from\n      five members in 2023 to 10 members and 10 partners in 2025.\n    <\/p>\n    <p>\n      Members are Brazil, Russia, India, China, South Africa, Egypt, Ethiopia,\n      Indonesia, Iran, and the United Arab Emirates (UAE).\n    <\/p>\n    <p>\n      BRICS is not designed to be a formal economic and political bloc like the\n      EU. Its members flatly reject the term \u201cbloc.\u201d\n    <\/p>\n    <p>\n      Nor is it designed to be a formal military security alliance like NATO or\n      what is emerging in the EU. There is no military component whatsoever.\n    <\/p>\n    <p>\n      Public statements have made it clear that BRICS countries desire deeper\n      trade, financial, strategic, diplomatic, and cultural ties with each\n      other, and want to leverage the economic achievements that are already\n      under their belts and may be ahead.\n    <\/p>\n    <p>\n      We assess that the association is only getting started and has the\n      potential to integrate and expand further.\n    <\/p>\n    <!-- SECTION -->\n    <h2>Economic heft = Geopolitical clout<\/h2>\n    <p>\n      When measured in U.S. dollars, BRICS members represent five of the 20\n      largest economies in the world.\n    <\/p>\n    <p>\n      But when GDP is calculated by purchasing power parity (PPP), which\n      attempts to adjust for the cost of living, BRICS member countries move\n      higher in the ranks, representing five of the top eight economies.\n    <\/p>\n    <p>\n      In 2025, the 10 BRICS members are expected to make up almost 40 percent of\n      global GDP compared to 28 percent for G7 nations, based on PPP\n      calculations by the International Monetary Fund (IMF). This gap is\n      forecast to widen through 2030.\n    <\/p>\n    <p>We think BRICS is too big to ignore.<\/p>\n    <!-- EXHIBIT 1-->\n    <h3>BRICS economic clout to increase further<\/h3>\n    <h4>\n      Share of global GDP based on purchasing power parity in international\n      dollars\n    <\/h4>\n    <div class=\"row mb-4\">\n      <div class=\"col-lg-10 col-md-8 col-sm-8 col-xs-10 col-xxs-12\">\n        <img decoding=\"async\"\n          src=\"https:\/\/www.rbcwealthmanagement.com\/assets\/wp-content\/uploads\/global\/how-brics-sees-the-world-en-chart-1.png\"\n          alt=\"Share of global GDP based on purchasing power parity in international dollars\"\n          class=\"img-fluid mb-1-half\"\n          aria-describedby=\"ex1desc\"\n        \/>\n<!-- ############################## -->\n        <!-- INSERT LEGEND: -->\n        <ul class=\"rbc-legend rbc-legend-inline\">\n          <li class=\"rbc-legend-item\">\n            <div class=\"rbc-legend-line c-dark-blue-tint-1\"><\/div>\n            G7 countries\n          <\/li>\n          <li class=\"rbc-legend-item\">\n            <div class=\"rbc-legend-line c-warm-yellow\"><\/div>\n            10 BRICS members\n          <\/li>\n        <\/ul>\n        <!-- END LEGEND -->\n        <div class=\"well py-1 px-1 mb-2\">\n          <p>\n            GDP of the 10 BRICS members surpassed G7 GDP in 2015, and the IMF\n            expects the gap to widen further. Even before BRICS membership\n            expansion in 2024 and 2025, the previous five BRICS members had\n            surpassed the G7 in 2019.\n          <\/p>\n        <\/div>\n        <p class=\"disclaimer\">\n          Source &#8211; RBC Wealth Management, International Monetary Fund; data as\n          of 9\/11\/25; 2025\u20132030 are IMF projections\n        <\/p>\n        <p class=\"sr-only\" id=\"ex1desc\">\n          The line chart shows the proportion of global GDP contributed by the\n          G7 group of nations and by 10 BRICS member countries annually from\n          1995 through 2030 based on purchasing power parity; data from 2025\n          through 2030 are based on International Monetary Fund (IMF)\n          projections. In 1995, there was a very wide gap between the two groups\n          with the G7 at 46% and BRICS at 20.5%. The G7&#8217;s GDP as a proportion of\n          global GDP has declined meaningfully since then, while the BRICS\n          countries&#8217; proportion of global GDP has steadily climbed. The IMF\n          projects this trend will continue through its forecast period of 2030.\n          The 10 BRICS countries&#8217; share of global GDP surpassed the G7 in 2015\n          when BRICS reached 33.4%. By 2024, the G7 share had declined to 28.9%\n          and BRICS had increased to 39.2%. By 2030, the IMF projects the G7\n          share will decline to 26.3% and BRICS will rise to 41.8%.\n        <\/p>\n        <!-- Uncomment to add legend: --><!--<div class=\"row spacer-20\"\/>-->\n      <\/div>\n    <\/div>\n\n    <!-- SECTION -->\n    <h2>\n      A BRICS currency is a red herring for now, but other currency initiatives\n      are not\n    <\/h2>\n    <p>\n      Despite significant press and blog attention over the years about the\n      potential creation of a single BRICS currency, this is still not formally\n      being considered.\n    <\/p>\n    <p>\n      However, three BRICS currency-related initiatives could further reduce the\n      proportion of global trade in U.S. dollars and within the Western-backed\n      SWIFT payments network.\n    <\/p>\n    <ul class=\"list-spaced\">\n      <li>\n        <strong>Trading in national currencies: <\/strong>Members want to expand\n        bilateral trade in their own currencies (aka \u201clocal currencies\u201d) and\n        improve financial and banking system plumbing to make this easier and more\n        efficient. This trend picked up pace among BRICS countries and others\n        following economic sanctions on Russia related to the Ukraine crisis.\n      <\/li>\n      <li>\n        <strong>BRICS Cross-border Payments Initiative: <\/strong>Members seek to\n        fortify and enhance their own interbank communications systems and provide\n        an additional alternative to SWIFT that cannot be disrupted by Western\n        governments\u2019 sanctions.\n      <\/li>\n      <li>\n        <strong>BRICS Grain Exchange: <\/strong>Members are creating a new\n        commodity exchange to trade grain and seek to subsequently expand into\n        other agriculture products and commodities. Agriculture commodity trading\n        has been dominated by the U.S. and other Western exchanges for decades,\n        which effectively set prices globally, and where much of the goods are\n        traded in U.S. dollars. The BRICS Grain Exchange would be an alternative,\n        with the ability to trade in local currencies.\n      <\/li>\n    <\/ul>\n    <p>\n      BRICS countries repeatedly emphasize they are firmly against using\n      currencies\u2014the U.S. dollar in particular\u2014as a foreign policy weapon, and\n      this shapes their currency-related initiatives.\n    <\/p>\n    <!-- SECTION -->\n    <h2>\n      The heartbeat of BRICS: Bilateral trade, investment, and cooperation\n    <\/h2>\n    <p>BRICS is not a panacea for any of the countries involved.<\/p>\n    <p>\n      However, by participating in the association, countries have many more\n      opportunities to engage in bilateral investment, trade, and diplomatic\n      discussions, and people-to-people exchanges, than they otherwise would if\n      the association didn\u2019t exist.\n    <\/p>\n    <p>\n      For example, the recent progress between China and India to resolve their\n      longstanding border dispute and improve relations has been facilitated by\n      BRICS and SCO participation.\n    <\/p>\n    <p>\n      The entrance of Middle Eastern and Southeast Asian countries into the\n      broader BRICS association in 2024 and 2025\u2014particularly the UAE,\n      Indonesia, and Malaysia\u2014has enhanced the group notably and opened many\n      more economic opportunities, in our assessment.\n    <\/p>\n    <p>\n      The involvement of these regions, along with those in Africa and\n      Latin\/South America, integrates BRICS more deeply into the so-called\n      \u201cglobal majority.\u201d\n    <\/p>\n    <p>\n      BRICS and the SCO are becoming leading platforms for \u201cGlobal South\u201d\n      countries to have a bigger voice in world affairs. This will likely be\n      BRICS\u2019 focus in 2026 when India assumes the rotating presidency.\n    <\/p>\n    <!-- EXHIBIT 2-->\n    <h3>BRICS groups represent more than half of the world\u2019s population<\/h3>\n    <h4>\n      Percentage of world population based on United Nations 2025 estimates\n    <\/h4>\n    <div class=\"row mb-4\">\n      <div class=\"col-lg-10 col-md-8 col-sm-8 col-xs-10 col-xxs-12\">\n        <img decoding=\"async\"\n          src=\"https:\/\/www.rbcwealthmanagement.com\/assets\/wp-content\/uploads\/global\/how-brics-sees-the-world-en-chart-2.png\"\n          alt=\"Percentage of world population based on United Nations 2025 estimates\"\n          class=\"img-fluid mb-1-half\"\n          aria-describedby=\"ex2desc\"\n        \/>\n        <div class=\"well py-1 px-1 mb-2\">\n          <p>\n            West-aligned countries are the United States, Canada, the United\n            Kingdom, the European Union (27 countries), Japan, South Korea, the\n            Philippines, Australia, and New Zealand. BRICS groups based on 10\n            member and 10 partner countries.\n          <\/p>\n        <\/div>\n        <p class=\"disclaimer\">\n          Source &#8211; RBC Wealth Management; data as of 7\/2\/25 based on United\n          Nations Population Division estimates for all countries, except EU\n          countries based on Trading Economics\u2019 projections\n        <\/p>\n        <p class=\"sr-only\" id=\"ex2desc\">\n          The area chart shows the following population groups as a percentage\n          of global population: BRICS members, 47.9%; BRICS partners, 7.1%;\n          West-aligned countries, 15.0%; other countries, 30.0%.\n        <\/p>\n        <!-- Uncomment to add legend: --><!--<div class=\"row spacer-20\"\/>-->\n      <\/div>\n    <\/div>\n\n    <!-- SECTION -->\n    <h2>The soul of BRICS: Sovereignty<\/h2>\n    <p>\n      BRICS members and partners have specific domestic development programs in\n      multiple directions to shore up their own sovereignty and national\n      security, some backed by big fiscal spending. These include technological,\n      energy, agriculture, health, metals\/minerals, and financial security\n      initiatives. Ironically, America under Trump 2.0 is also attempting to\n      shore up its own sovereignty in many of the same areas.\n    <\/p>\n    <p>\n      BRICS\u2019 priority on sovereignty was recently demonstrated by the most\n      active and intense level of coordination between and among members that we\n      have seen in the association\u2019s history.\n    <\/p>\n    <p>\n      This occurred after the Trump administration threatened and then imposed\n      extra tariffs on Brazil due to disagreements about the country\u2019s domestic\n      political and judicial affairs, and on India for geopolitical reasons due\n      to its relations with Russia and purchases of Russian crude oil during the\n      Ukraine crisis.\n    <\/p>\n    <p>\n      India and Brazil strongly pushed back against these tariffs, citing\n      violations of their sovereignty. China also stated multiple times that it\n      would not succumb to pressure regarding its trade relations with Russia or\n      any other country.\n    <\/p>\n    <p>\n      These events and other tariff threats on the association as a whole caused\n      quite a stir within and among BRICS countries because they are viewed as\n      de facto economic sanctions.\n    <\/p>\n    <p>\n      We think any use of \u201ctariffs as sanctions\u201d\u2014whether by the U.S., European\n      countries, or other Western nations\u2014could continue to backfire.\n    <\/p>\n    <p>\n      The fallout from these disputes and high tariff rates in general are\n      hastening integration within BRICS and the SCO, and we think these issues\n      will ultimately incentivize more countries to push harder to achieve a\n      multipolar global order sooner rather than later.\n    <\/p>\n    <!-- SECTION -->\n    <h2>Investing in the shift toward a multipolar world<\/h2>\n    <p>\n      BRICS\u2019 ongoing integration and development, combined with increasing U.S.\n      trade protectionism since 2018, reinforces our belief that a potential\n      shift to a multipolar, more fragmented world order argues for a new way of\n      thinking.\n    <\/p>\n    <p>\n      Investment portfolio allocations should be viewed through a different\n      lens. Sub-asset class allocations within equities and fixed income should\n      no longer be assessed through the lens of cooperative globalization that\n      occurred in previous decades, as we don\u2019t think that era is coming back\n      anytime soon.\n    <\/p>\n    <p>\n      This translates into three practical implementations in investment\n      portfolios:\n    <\/p>\n    <ul class=\"list-spaced\">\n      <li>\n        We believe this new era begs for\n        <strong>more active asset management<\/strong> of country, industry, and\n        company investment exposures.\n      <\/li>\n      <li>\n        We recommend investors <strong>diversify geographically.<\/strong> For\n        investors in North America, we suggest maintaining less of a \u201chome bias\u201d\n        or \u201cregional bias\u201d allocation in equity and fixed income portfolios than\n        in years past and would consider increasing allocations to international\n        stocks and bonds. We believe all investors should take a close look at\n        allocations to Asia and emerging markets to determine if they are sized\n        appropriately, up to at least the long-term recommended strategic\n        allocation level.\n      <\/li>\n      <li>\n        On the stock side of portfolios, regardless of region, we still suggest\n        including exposure to\n        <strong>equity industries geared toward sovereign development.<\/strong>\n      <\/li>\n    <\/ul>\n    <div class=\"well b-blue-tint-4 py-1 px-1 mt-3\">\n      <p class=\"bold\">\n        For in-depth information, including a list of industries that could\n        benefit, please review the full report: <a href=\"https:\/\/www.rbcwealthmanagement.com\/assets\/wp-content\/uploads\/documents\/insights\/global-insight-special-report-BRICS.pdf\"\n        title=\"How BRICS sees the world\" target=\"_blank\" rel=\"noopener\">How BRICS sees the world&nbsp;<rbc-icon icon=\"file-pdf\" label=\"$text.get('icon-open-pdf')\"><\/rbc-icon><\/a>.     <\/p>\n    <\/div>\n","protected":false},"excerpt":{"rendered":"<p>Amid changes in the geopolitical order, the BRICS association is attempting to chart a new course. This article explains why its members\u2014including the Eurasian troika of China, Russia, and India\u2014believe a new multipolar world order is inevitable.<\/p>\n","protected":false},"author":22,"featured_media":23703,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rbcwm_post_date":"2025-10-02T16:08:55","editor_notices":[],"rbc_url_alias":"","rbcwm_featured_desktop_image_position":"","rbcwm_featured_mobile_image_position":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[71],"tags":[535,829,831,720,828,712,830],"rbcwm_content_owner":[609],"rbcwm_need":[],"rbcwm_segment":[],"rbcwm_solution":[],"rbcwm_topic":[468],"rbcwm_channel":[],"rbcwm_format":[],"class_list":["post-23656","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analysis","tag-brics","tag-currency","tag-investment-portfolio-allocation","tag-tariff","tag-tariff-rates","tag-tariffs","tag-trade","rbcwm_content_owner-pag","rbcwm_topic-global-insights"],"acf":{"rbcwm_subtitle":"Amid changes in the geopolitical order, the BRICS association is attempting to chart a new course. This article explains why its members\u2014including the Eurasian troika of China, Russia, and India\u2014believe a new multipolar world order is inevitable.","rbcwm_post_author":[814],"rbcwm_custom_breadcrumb_text":"","rbcwm_custom_breadcrumb_link_url":"","rbcwm_disclaimers":{"add_disclosures":["Yes"],"perspective_disclaimer":"","expandable":"","omit_from_pages":"","disclaimer_footnote":""},"rbcwm_insight_cta_id":[8484],"rbcwm_pagination":{"next_link":"","next_link_text":"Next article","previous_link":"","previous_link_text":"Previous article"},"rbcwm_video_duration":"","article_time":"","rbcwm_enable_toc":false,"rbcwm_toc_selector":"h2"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.8 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>How BRICS sees the world<\/title>\n<meta name=\"description\" content=\"Amid changes in the geopolitical order, the BRICS association is attempting to chart a new course. 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