Joint website of the Ministries of Foreign Affairs of the BRICS member States
Brazil
Luis Inacio Lula da Silva
The President of Brazil
Russia
Vladimir Putin
President of the Russian Federation
India
Narendra Modi
Prime Minister of India
Сhina
Xi Jinping
President of the People's Republic of China
South Africa
Cyril Ramaphosa
The President of South Africa
Egypt
Abdel Fattah el-Sisi
President of Egypt
Ethiopia
Abiy Ahmed Ali
Prime Minister of the Federal Democratic Republic of Ethiopia
Iran
Massoud Pezeshkian
The President of Iran
UAE
Mohammed bin Zayed Al-Nahyan
President of the UAE
Indonesia
Prabowo Subianto
President of Indonesia
Bangladesh’s Joining BRICS Shall Be Immensely Beneficial
On May 28, 2024, Thailand announced its intention to join the BRICS economic bloc. Now, a question naturally arises for other developing nations. Should Bangladesh also consider membership in BRICS?
Tuesday, June 18, 2024

By M A Hossain

On May 28, 2024, Thailand announced its intention to join the BRICS economic bloc. Now, a question naturally arises for other developing nations. Should Bangladesh also consider membership in BRICS? The prospect of Bangladesh becoming a part of this influential group warrants a comprehensive analysis, given the country’s strategic aspirations and the evolving global economic landscape.

BRICS, initially an acronym for Brazil, Russia, India, China, and South Africa, constitutes a coalition of major emerging economies. Founded with the objective of bolstering cooperation among these nations, BRICS has evolved into a substantial participant in global economic affairs. Recently, the group broadened its membership by welcoming Egypt, Ethiopia, Iran, and the United Arab Emirates, underscoring its receptiveness to wider inclusion. Additionally, 15 more countries have expressed interest in admission, including Bahrain, Belarus, Cuba, Kazakhstan, Pakistan, Senegal, and Venezuela.

The expanded BRICS now accounts for approximately 30% of the global economy and represents about 3.5 billion people, or 45% of the world’s population. Its members also produce over 40% of the world’s oil.

The International Monetary Fund (IMF) reports that BRICS contributes up to 36% of the world’s GDP in terms of purchasing power parity (PPP), surpassing the G7’s contribution of just over 30%. This significant economic clout positions BRICS as a formidable force in the international arena, with ambitions to surpass the G7 in nominal global GDP within the next few years, as indicated by Dilma Rousseff, head of the New Development Bank (NDB).

Last year, Bangladesh expressed interest in joining the BRICS alliance, which includes Brazil, Russia, India, China, and South Africa. The alliance aims to foster economic and political equilibrium among influential global nations. The attendance of Bangladeshi Prime Minister Sheikh Hasina at the BRICS summit in South Africa sparked considerable interest in Bangladesh regarding the political bloc comprising these five countries. The summit, scheduled to take place in Johannesburg from August 22-24, 2023, is expected to be attended by Brazil’s President Luiz Inacio Lula da Silva, Indian Prime Minister Narendra Modi, Chinese President Xi Jinping, and the host, South African President Cyril Ramaphosa.

In April 2024, Brazilian Foreign Minister Mauro Vieira visited Bangladesh and stated that his country would give serious consideration to Bangladesh’s keen interest in becoming a BRICS member. “Bangladesh is a country we closely monitor, with shared principles and positions… We will strongly and positively consider its inclusion in BRICS from our side,” Vieira remarked. He made these comments during a joint media briefing following a meeting with Bangladesh’s Foreign Minister, Hasan Mahmud, at the state guesthouse Jamuna. Foreign Minister Hasan Mahmud also reiterated Bangladesh’s interest in joining BRICS during the meeting.

Bangladesh, with its robust economic growth, increasing industrialization, and strategic geographic location, stands as a promising candidate for BRICS membership. The country has achieved remarkable economic progress over the past decade, maintaining an average GDP growth rate of around 6-7%. It is also emerging as a key player in the global textile industry, being the second-largest apparel exporter after China.

Bangladesh’s strategic objectives include diversifying its economic partnerships, enhancing its role in regional and global trade, and securing a stable and sustainable growth trajectory. The government’s Vision 2041 aims to transform Bangladesh into a high-income country, leveraging industrial growth, technological innovation, and human capital development.

Potential benefits of BRICS membership for Bangladesh

Economic growth and investment: Joining BRICS could open new avenues for investment in Bangladesh. The BRICS countries, with their significant economic resources, could provide substantial financial and technical assistance. Enhanced access to the New Development Bank (NDB) would facilitate infrastructure development projects, crucial for sustaining Bangladesh’s growth momentum.

Trade diversification: BRICS membership would enable Bangladesh to diversify its trade partnerships beyond its traditional markets in the West. Increased trade with BRICS nations could reduce dependency on any single economic bloc, mitigating risks associated with global market fluctuations.

Technological and industrial collaboration: Bangladesh could benefit from technological transfers and industrial collaborations with BRICS countries, particularly in areas such as information technology, renewable energy, and manufacturing. Such partnerships could enhance Bangladesh’s industrial capabilities and foster innovation.

Geopolitical influence: As a member of BRICS, Bangladesh would gain a stronger voice in international forums, contributing to shaping global economic policies. This enhanced geopolitical influence would support Bangladesh’s aspirations to play a more prominent role in regional and global affairs.

Challenges and considerations

While the potential benefits are significant, there are also challenges and considerations that Bangladesh must address before pursuing BRICS membership:

Alignment of interests: Bangladesh needs to ensure that its economic and political interests align with those of the existing BRICS members. This requires careful diplomatic engagement and negotiation to secure favorable terms for entry.

Economic disparities: The economic disparity between Bangladesh and the larger BRICS economies could pose challenges in terms of negotiating equitable terms of cooperation. Bangladesh must advocate for mechanisms that ensure balanced benefits and opportunities within the bloc.

Geopolitical ramifications: Aligning with BRICS could have geopolitical implications, particularly in relation to Bangladesh’s existing alliances and partnerships. The country must navigate its relationships with Western countries and regional neighbors carefully to avoid potential diplomatic frictions.

Domestic readiness: Bangladesh must evaluate its domestic readiness for BRICS membership, including its institutional capacities, regulatory frameworks, and economic policies. Strengthening these aspects would enable the country to maximize the benefits of BRICS membership.

Strategic steps forward: To pursue BRICS membership, Bangladesh should undertake a strategic approach, involving several key steps:

Comprehensive feasibility study: Conducting a thorough feasibility study to assess the potential economic, political, and social impacts of BRICS membership. This study should involve input from key stakeholders, including government agencies, industry leaders, and academic experts.

Diplomatic engagement: Initiating diplomatic dialogues with existing BRICS members to express interest and explore pathways for membership. Bangladesh should seek to understand the priorities and concerns of BRICS countries to align its approach accordingly.

Domestic reforms: Implementing necessary domestic reforms to enhance Bangladesh’s institutional and economic readiness for BRICS membership. This includes strengthening regulatory frameworks, improving infrastructure, and fostering innovation and industrial growth.

Public and private sector involvement: Engaging both the public and private sectors in the membership process. Ensuring that businesses, industries, and civil society are informed and involved will facilitate a smooth transition and maximize the benefits of membership.

Bangladesh’s consideration of BRICS membership represents a strategic opportunity to enhance its economic growth, diversify trade partnerships, and amplify its geopolitical influence. While there are challenges to address, the potential benefits make it a compelling proposition. By undertaking a comprehensive and strategic approach, Bangladesh can position itself as a valuable member of the BRICS bloc, contributing to and benefiting from a more multipolar and interconnected world economy.

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