As the BRICS looks to expand and Bangladesh hopes to join it in August, it seems that its aim is to create a new global order to counter the dominance of US and its currency dollars.
If Bangladesh were to join BRICS (Brazil, Russia, India, China, and South Africa), it could potentially have an impact on the bilateral relations between India and Bangladesh. BRICS is an influential bloc of emerging economies that focuses on economic cooperation and development.
On one hand, if Bangladesh becomes a member of BRICS, it could lead to increased economic ties and collaboration between India and Bangladesh. This could result in improved trade relations, investment opportunities, and infrastructure development, benefiting both countries.
On the other hand, joining BRICS may also introduce new dynamics and considerations into the bilateral relations between India and Bangladesh. India, as an existing BRICS member, would need to navigate the changing dynamics within the group and adjust its approach towards Bangladesh accordingly. It could lead to a reevaluation of priorities, cooperation frameworks, and engagement strategies.
Ultimately, the impact on bilateral relations would depend on various factors, including the specific terms and conditions of Bangladesh’s membership, the goals and aspirations of both countries, and how they navigate the evolving dynamics within the BRICS framework.
Expert View
“Bangladesh’s decision to join BRICS, with a share of global GDP surpassing that of rich nations’ club G7, is seen as a move to diversify foreign relations and currency,” says Gautam Lahiri, a senior journalist and Bangladesh commentator.
According to him “While immediate benefits may not be apparent, joining BRICS will yield medium- to long-term advantages as the bloc actively expands to reduce the dominance of the US and the US dollar.”
Is this a positive step?
“No doubt that it’s a positive step, considering BRICS’ status as the largest club of developing economies and its increasing economic and political influence. When the US is mounting pressure on Bangladesh before the general election of the country for holding “free and fair” Dhaka got a chance to be a member of BRICS will definitely boost the image of PM Sheikh Hasina,” Gautam Lahiri explains to Financial Express Online.
“It will help Bangladesh diversify its foreign relations. Of the BRICS countries, China and India are the top two trade partners of Bangladesh, accounting for almost 40 percent of its imports,” states Lahiri.
Adding, “Bangladesh has already become a member of the New Development Bank (NDB), set up by BRICS in 2021, and joining the grouping would increase its voice and access to funds from the bank.”
Earlier this week, according to reports, Bangladesh Foreign Minister Foreign Minister AK Abdul Momen said in Geneva that Bangladesh is likely to become a member of the BRICS in August this year.
He said this after a meeting between Prime Minister Sheikh Hasina and South African President Matamela Cyril Ramaphosa. According to him the BRICS bank had invited Bangladesh as a guest, adding that in the future it would invite Bangladesh to join in.
The neighbouring country’s foreign minister announced in Geneva that his country along with Indonesia, UAE and Saudi Arabia has been invited to join BRICS. These countries, according to the Bangladesh Foreign Minister, are expected to join the group in August at the BRICS Summit which will be in Cape Town, South Africa.
The BRICS, which represents almost one-fifth of the world’s economy, has emerged as a powerful new voice alternative to the West. The five member countries contribute almost 16 per cent to world trade and around 24 per cent to global GDP.
Countries including Saudi Arabia, Iran, Argentina, UAE, Iraq, Algeria, Egypt, Qatar, Kuwait Bahrain, Indonesia, and Venezuela others have expressed their desire to join.