By joining BRICS, will Bangladesh serve as a role model for other south Asian nations?
By: Mehjabin Bhanu
The world is going through an unstable economic situation. Where most of the countries are suffering from the price of energy to the dollar price traded in the international market. Bangladesh is also in this problem. Added to that is the pre-election political issue. But the issue of Bangladesh’s joining BRICS is coming to the fore. The question is, why are the country’s diplomatic experts and economists optimistic about Bangladesh joining BRICS?
The father of the nation Bangabandhu Sheikh Mujibur Rahman fixed the foreign policy of the country at the birth of Bangladesh. The main statement of this principle is ‘friendship with all, enmity with none’. The current Prime Minister Sheikh Hasina is also confident in the principle of friendship with all countries. The progress of the country is most important to him. Therefore, he is moving forward with the aim of establishing Bangladesh as ‘Golden Bangla’ by maintaining friendship with developed countries. Joining the BRICS group is significant in that respect.
It is the demand of time to join BRICS for the sake of Bangladesh’s development. BRICS started with Brazil, Russia, India, China and South Africa but is looking to increase its membership. Bangladesh has already been invited. The invitation received a positive response from Dhaka. But BNP, which is opposed to any development in the country, has started opposing Bangladesh’s accession to BRICS. But why are they opposed? Whose interests? For the sake of Bangladesh, for the sake of his own party, or for the sake of any of their masters? It’s time to question things. Because Bangladesh can no longer be in power by raising claims against the interests of Bangladesh!
The 15th BRICS summit is going to be held in South Africa from 22 to 25 August. Bangladesh’s membership is likely to be finalized in this conference. According to diplomatic experts, Bangladesh’s decision to join BRICS is positive. Joining the BRICS will not only improve the country’s economy, but also contribute to the new polarization in geopolitics. According to experts, there is no harm to Bangladesh if it joins the BRICS alliance. Rather the whole thing is going to be profitable. Bangladesh’s power will increase in world politics. Joining the BRICS alliance will strengthen Bangladesh’s position in the world. Bangladesh will be able to take additional advantage in this case if an alternative currency or an alternative commercial system is introduced in the BRICS countries. In the future, if BRICS becomes an organization like IMF or World Bank, Bangladesh will also get large loan facilities from it.
BRICS is no longer limited to just five countries. Its scope is increasing. With the addition of new members, BRICS will cover about 28 percent of the world’s territory. 40 to 50 percent of the total population of the world will come under this alliance. The BRICS countries collectively produce 25 percent of the world’s fuel oil and steel and 50 percent of iron ore. In terms of agriculture, 40 percent of the world’s corn and 46 percent of wheat are produced in the proposed areas of the alliance countries. Their contribution to world trade is 18 percent.
The BRICS countries account for 31 percent of the global GDP or gross domestic product of the world’s seven richest countries, the G-7 countries, as opposed to 30 percent. One projection estimates that the BRICS countries will contribute more than 50 percent to global GDP by 2030. As a result, this group is rapidly becoming stronger.
Anil Suklal, the ambassador of this group in South Africa, said, “Discussions are underway on the expansion of BRICS. So far, 13 countries have formally agreed to join and six countries have expressed interest. We are getting letters every day about joining BRICS.
Bangladesh’s accession to BRICS became clear only after Prime Minister Sheikh Hasina’s meeting with South African President Cyril Ramaphosa in June. It was then that Foreign Minister AK Abdul Momen hinted at Bangladesh joining BRICS in Geneva. He informed that Bangladesh has been invited to join BRICS. Saudi Arabia, Iran, Argentina, Algeria, Egypt, Bahrain, Indonesia, Syria, and one country each from East and West Africa can join BRICS. Bangladesh’s accession is very certain.
Joining BRICS will widen the door of foreign investment in Bangladesh. Many countries will be easily attracted to set up industries in Bangladesh. The tide will also come in foreign trade. Bangladesh will also benefit in terms of foreign exchange. The status of Bangladesh at the international level will also increase a lot. The decision to join BRICS is correct for Bangladesh in the interest of increasing the country’s prestige in global politics. There is an opportunity to benefit in the economic field by taking the membership of BRICS.
We need to honestly assess how our state institutions can benefit from being part of BRICS. There is also the possibility of favorable agreements with the member countries for our national interest through BRICS. Therefore, it is important to support this initiative of the government to widen the country’s progress by using BRICS.
BNP Secretary General Mirza Fakhrul Islam Alamgir, however, is critical of BRICS. In the name of opposing the government, he has made clear his position against the development of the country. Regarding BRICS, Fakhrul said, ‘Bangladesh Nationalist Party or BNP thinks Bangladesh’s joining BRICS is an opportunistic move. When the Awami League saw that the Western world was not accepting them, they started negotiating to join the BRICS.
His statement has nothing to do with the ongoing geopolitics. It is quite clear that he made such comments to oppose Awami League and Prime Minister Sheikh Hasina. It is necessary to join BRICS for the sake of Bangladesh’s development. Apart from that, Bangladesh has been invited by BRICS for membership. And not only Bangladesh, many countries of the world are joining BRICS.
19 countries have expressed their interest in joining the alliance to deal with the global turmoil, according to a report by the US media Bloomberg citing BRICS Special Envoy Anil Suklal. According to the BBC, further expansion of the BRICS has the potential to open up new horizons for the economy. Western media also wants Bangladesh to join BRICS. BRICS is bound to become profitable for Bangladesh in the interest of economy and geopolitics.
Bangladesh has the potential to become a middle income country by 2024. In that case, as an underdeveloped and low-income country, Bangladesh does not have many opportunities. And to solve this problem, Bangladesh should focus on joining various alliances, bilateral agreements and regional agreements. At such a time, Bangladesh will accept the invitation from BRICS in any situation. This is normal. But to oppose this interest of Bangladesh in a political context, at the end of the day is to oppose Bangladesh as a state. Hindering the development of Bangladesh. At the same time, doing the politics of a third power in relation to the interests of Bangladesh.
BRICS is not only supporting Bangladesh as an alliance, but also increasing the possibility of making developmental and economic agreements with other countries in this alliance. Bangladesh has not yet strengthened economic and diplomatic relations with the countries belonging to this alliance, opportunities are also being created to strengthen those relations. Political interpretation of such a potential initiative does not make any sense to set back the country for petty party interests. Therefore, it is important to welcome BRICS and not oppose it.
The writer is Bangladeshi columnist, security and strategic affairs analyst, teacher.
