Bangladesh has officially requested to join the BRICS coalition, which includes Brazil, Russia, India, China, and South Africa.
South African President Cyril Ramaphosa made the request during a meeting with Prime Minister Sheikh Hasina in Geneva last week.BRICS is a group of advanced emerging economies with a combined population of 3.1 billion, representing around 40% of the world’s population.
These countries have a combined nominal GDP of $40 trillion, accounting for over 20% of the global economy. China, the most prominent alliance member, holds an unofficial leadership position regarding population, nominal GDP, and export value.
The participating nations have been holding the BRICS summit annually since its inception in 2009, with the venue rotating among them. With Bangladesh formally applying to join the BRICS alliance, concerns about the potential impact of the dominance of the U.S. dollar in global transactions are mounting.
Approximately 24 nations looking to use BRICS’ currency for trade, which has attracted their interest. The addition of Saudi Arabia and five other Arab countries to BRICS could also affect the American economy. This is particularly due to Saudi Arabia’s significant influence as a major oil exporter.
As the highly anticipated BRICS summit approaches, participants are expected to centralize their discussions on prospective new memberships. Bangladesh, already recognized as a “Friend of BRICS,” actively participated in the Friends of BRICS Foreign Ministers’ Meeting. This demonstrated its interest and engagement in the alliance.
Summit Draws Closer
The summit will delve into expansion strategies and explore the possibility of a new currency as alternative option. Bitcoin adoption will be among the discussion topics as the BRICS nations aim to diversify their financial systems.
The global economic landscape is expected to undergo significant changes due to the growing interest in the BRICS currency and the potential expansion of the alliance.
