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Dhaka Tribune

Countries joining BRICS this year

Bangladesh among new countries likely to join BRICS coalition

Update : 06 Jul 2023, 05:18 PM

With a number of countries formally applying to join the BRICS ((Brazil, Russia, India, China) coalition this year, it's only a month before the formal announcement is made in August. 

Bangladesh formally requested to join the BRICS coalition last June 14, the country is likely to be accepted into the alliance.

Among the 25 countries that have applied to join the BRICS alliance, five could be allowed entry into the bloc, as announcement of the expansion could be made at the upcoming BRICS Summit to be held in August in South Africa, reports Watcher Guru.

Watcher Guru also reported that other countries likely to be accepted into the BRICS coalition included Saudi Arabia, the United Arab Emirates, Argentina, Egypt, and Indonesia.

Bangladesh's membership chances were bolstered following a meeting between Prime Minister Sheikh Hasina and South African President Matamela Cyril Ramaphosa in Geneva last month.

A source related to the meeting disclosed that during the discussion with Prime Minister Sheikh Hasina, the South African president positively addressed the issue.

Foreign Minister Dr AK Abdul Momen said a formal letter of interest to the current chair of BRICS and South Africa's Foreign Minister Naledi Pandor was sent in this connection.

"This will be another area of our financing. It will be good for us as we need money," he said.

When asked about this matter, Foreign Secretary Masud Bin Momen confirmed: "Yes, we have expressed our interest and applied to join the alliance."

Bangladesh is currently recognized as a “Friend of BRICS” and participated in the Friends of BRICS Foreign Ministers' Meeting on June 16.

In 2015, BRICS established the New Development Bank (NDB) to assist both its member nations and other countries. 

Following diplomatic communication to acquire membership, Bangladesh became the first country to join the bank after its founding members.

Saudi Arabia is another country touted to become a BRICS member next month, as their induction into the bloc could fund the NDB making it receive constant cash flow. 

The NDB struggled due to the US sanctions on Russia and struggled to receive or lend new loans.

The NDB bank which was created to challenge the US dollar wanted the dollar to survive. 

However, Saudi Arabia's induction into the bloc would fund the bank making the alliance financially stronger and challenging the US dollar. 

If Saudi enters the bloc and accepts the new BRICS currency for cross-border transactions, experts suggest that the US dollar could be on the path of decline.

According to the Silk Road Briefing, the current BRICS five now contribute 31.5% of global GDP, while the G7 share has fallen to 30%. 

It is expected to contribute over 50% of global GDP by 2030, with any proposed enlargement certainly to bring that forward.

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