Bangladesh's BRICS Bid: A Challenge to the West.

Byline: Maryam Ibrahim

As the global economy strives to shift away from Western Dollar dominance, the conversation around the BRICS (Brazil, Russia, India, China, and South Africa) bloc is gaining momentum. The United States and the United Kingdom have expressed concerns about the emerging BRICS alliance, while the European Union is inclined to support it. The term "BRIC" was coined in 2001 by economist Jim O'Neil to recognize the potential of emerging economies. The alliance expanded to include South Africa and focuses on peace and development for developing countries.

The BRICS countries now have a higher GDP than the G7 coalition. The Rise of BRICS and Changing Global Dynamics Back in 2001, Goldman Sachs published a report highlighting the immense potential of BRIC economies, projecting their outpacing of the G-7 nations by 2050 in key economic indicators. The BRICS bloc contributes 31.5% of global GDP based on purchasing power parity and is projected to account for 50% of the world's GDP by 2030. The inclusion of prospective members like Bangladesh adds an intriguing dimension to the evolving dynamics of the BRICS bloc.

During the recent meeting of BRICS foreign ministers in Cape Town, South Africa, the focus was on expanding beyond the existing framework. Over 20 countries, including Pakistan, have applied for BRICS membership, indicating ongoing shifts in the global balance of power. Bangladesh, emphasizing economic expansion and infrastructure development, finds an ideal platform within BRICS to build multilateral relationships. These developments reflect changes in the world power balance and make the conversation around Bangladesh's potential membership in BRICS thought-provoking and indicative of shifting global dynamics.

Anticipated reports indicate that the official entry of Bangladesh into BRICS is set to occur during the upcoming August 2023 summit, signifying a vital milestone in the alliance's expansion and its impact on the global stage. Bangladesh's Prospective Membership in BRICS: Implications The potential entry of Bangladesh into BRICS could have far-reaching geopolitical implications, challenging the long-standing dominance of Western powers and ushering in a more diverse and multipolar world order.

By welcoming a second member from the South Asian region, BRICS would strengthen its collective influence, fortify its legitimacy, and expand its perspectives. This heightened diversity of voices within BRICS holds power to...