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Aug 08, 2023

BRICS expanded without Bangladesh

Over two dozen countries, including Bangladesh, expressed their interest in joining the BRICS group of nations, but only six of them have been approved as new members of the bloc by the five founding

Over two dozen countries, including Bangladesh, expressed their interest in joining the BRICS group of nations, but only six of them have been approved as new members of the bloc by the five founding countries – Brazil, Russia, India, China, and South Africa – bringing the total tally to 11.

Starting from 1 January 2024, Argentina, Ethiopia, Iran, Saudi Arabia, the United Arab Emirates, and Egypt will officially become part of the group. Among these nations, there are major oil producers from the Middle East. This signifies the integration of significant players from the global oil industry into the BRICS alliance.

Back in June this year, Bangladesh formally expressed its desire to join BRICS. Since then, the topic has garnered attention within the country, with various media outlets presenting news reports and articles detailing the potential advantages and disadvantages of BRICS membership.

As of 2021, the BRICS bloc represents 31.5% of global GDP and encompasses 42% of the world's population, surpassing the G7's share of global GDP, which has decreased to 30%.

With the inclusion of these six new countries, the collective GDP share of the BRICS nations would rise significantly.

China to support Bangladesh in joining BRICS

Chinese President Xi Jinping on Wednesday reassured that his country will always stay beside Bangladesh in its needs including providing support in joining the BRICS and ensuring a permanent solution to the Rohingya issue, reports BSS from South Africa where the heads of states of BRICS gathered to attend the 15th summit.

"I will always support you [Sheikh Hasina] so you can join BRICS," Foreign Minister AK Abdul Momen quoted Xi as telling Bangladesh Prime Minister Sheikh Hasina in a bilateral talk on the sidelines of the summit, reports BSS.

The Chinese president also said, "China will help Bangladesh bring a permanent solution to the Rohingya issue, we don't want instability in the region."

Xi Jinping called on China and Bangladesh to push for high-quality Belt and Road cooperation, and give full play to their economic complementarity, adds China Daily.

He also said China supports Bangladesh in safeguarding national sovereignty, independence and territorial integrity, and in opposing external interference so that the country can maintain domestic unity and stability, and achieve development and revitalisation.

After the meeting at the Hotel Hilton Sandton in Johannesburg on Wednesday evening, Momen said in a media briefing that Xi wants to resolve the Rohingya issue through a tripartite engagement of China, Bangladesh and Myanmar.

Xi also gave assurance of cooperation in making Bangladesh a developed and prosperous Sonar (golden) Bangla, said Momen.

He continued, "China will help you to materialise your dream to build a developed and prosperous 'Sonar Bangla' at the quickest possible time."

Sheikh Hasina has sought Xi's help in the quick implementation of some Chinese-funded projects which are now being stuck in a funding crisis while the Chinese president assured of looking into the matter.

During the talks, the prime minister stressed the need for reducing the trade gap between Bangladesh and China citing that Bangladesh imports Chinese goods worth about $20 billion every year while China imports Bangladeshi goods worth only $700 million.

"The trade gap between Bangladesh and China will be reduced if some Chinese investments come into Bangladesh," Sheikh Hasina said.

She also stressed the need for signing the Preferential Trade Agreement (PTA) between the two countries, Momen said.In reply, the Chinese president said, "We will take measures to quicken the signing of the Preferential Trade Agreement between the two countries."

Other issues discussed at the BRICS Summit

In addition to the enlargement of the bloc, BRICS leaders discussed a wide array of issues – from reforming multilateral financial institutions and international organisations to the use of local currencies in trade, alternative financial arrangements and alternative payment systems.

"As BRICS, we are ready to explore opportunities for improving the stability, reliability and fairness of the global financial architecture. The summit agreed to task the BRICS finance ministers and central bank governors, as appropriate, to consider the issue of local currencies, payment instruments and platforms and report back to the leaders by the next summit," said Cyril Ramaphosa, president of South Africa and the chair of the BRICS Summit.

He said the leaders reiterated their commitment to inclusive multilateralism and upholding international law, including the purposes and principles enshrined in the UN Charter.

"We are concerned about ongoing conflicts in many parts of the world. We stress our commitment to the peaceful resolution of differences and disputes through dialogue and inclusive consultation," he concluded.

BRICS summit / Bangladesh