It's a new dawn of trade if Dhaka joins BRICS
This is a promising step for Bangladesh that it is going to join BRICS, better known as an economic bloc of the world's five fastest growing economies-- Brazil, Russia, India, China and South Africa.
What is most important is that this like-minded economic group which was launched in 2001 and first expanded by a new member, South Africa, in 2010 is expected to collectively dominate the global economy by 2050. More than 42 percent world's population currently live in BRICS states with the bloc covering around 18 percent of global trade.
At present, more expansions of BRICS are in the offing and Bangladesh is likely to join it very soon.
Bangladesh's timely move to join the BRICS actually received a shot in the arm when Prime Minister Sheikh Hasina broached the issue of Dhaka's joining into the bloc during her meeting with South African President Matamela Cyril Ramaphosa in Geneva on June 15.
If Bangladesh, an emerging economy in the south Asian region, is attached with the group, it will be an opportunity for the country to boost its economy by availing of resources, funding and transfer of technology through multi-lateral cooperation among the BRICS members.
Apart from its strategic geographical location coupled with a population of over 170 million, Bangladesh is now one of the world's fastest growing countries with its economy set to reach $1 trillion target by 2040. And by 2030, Bangladesh will become the ninth largest consumer market in the world.
All this suggests that Bangladesh has the economical strength and ability to scoop up a membership in the BRICS. In addition, Bangladesh's current political and economical position is quite compatible with the incumbent BRICS members in terms of possible multi-lateral cooperation in the future in a multi-polar world.
Indeed, Bangladesh is one step ahead of becoming a member of BRICS. It has already got an invitation from the New Developed Bank, the multi-lateral development bank of the alliance. Besides, Bangladesh has already had outstanding trade relations with BRICS member countries mainly with India and Russia which would be strengthened by its membership in the bloc.
Since BRICS has decided to keep expanding, many countries are vying for its lucrative memberships. As many as 19 countries including Saudi Arabia, Iran, Argentina, the UAE, Algeria, Egypt, Bahrain and Indonesia have lined up to join it. At least 13 countries have, so far, formally applied and some of these applications for new memberships will be stamped in a formal agenda during the upcoming BRICS summit in August in Johannesburg.
According to a source from the Ministry of Foreign Affairs, Bangladesh has already started the process to join the BRICS. Foreign Minister AK Abdul Momen recently said that Bangladesh would become a member if BRICS formally invites it to be part of the grouping.
If everything goes well, Bangladesh is very likely to join the BRICS and we believe it will open up a new era for Bangladesh to expand its trade and business with the BRICS members.
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