Bangladesh Wants In On BRICS Coalition, Submits Formal Application

Bangladesh has formally applied to join the BRICS coalition, which includes Brazil, Russia, India, China, and South Africa. The request was made during a meeting between Bangladeshi Prime Minister Sheikh Hasina and South African President Matamela Cyril Ramaphosa in Geneva last Wednesday. 

A source present at the meeting stated that President Ramaphosa positively addressed the issue, indicating a potential opportunity for Bangladesh’s membership.

Foreign Minister AK Abdul Momen confirmed that a formal letter expressing interest was sent to the current chair of BRICS, South Africa’s Foreign Minister Naledi Pandor. Foreign Secretary Masud Bin Momen also verified Bangladesh’s application, stating, “Yes, we have expressed our interest and applied to join the alliance.”

The upcoming BRICS summit, scheduled to be held in South Africa in August, is expected to include discussions about new membership. 

Bangladesh, currently recognized as a “Friend of BRICS,” participated in the Friends of BRICS Foreign Ministers’ Meeting last Friday. Notably, Bangladesh already holds the distinction of being the first country to join the New Development Bank, established by BRICS in 2015 to support member nations and other countries.

Bloomberg reports that at least 19 countries have expressed interest in joining the BRICS alliance. Bangladesh’s inclusion would have significant implications, as it aims to adopt the new BRICS currency for international trade settlements. This move could potentially exert pressure on the dominance of the U.S. dollar and impact its supply and demand dynamics in global markets.

Information for this story was found via Dhaka Tribune, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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