BRICS expansion and Asia’s future

Published : 03 Jun 2023 08:02 PM

The recent meeting of foreign ministers from the BRICS bloc of developing economies in Cape Town, South Africa, has sparked discussions about the group's potential expansion and its implications for Asia and countries like Bangladesh. The meeting, attended by Russian Foreign Minister Sergey Lavrov and China's deputy foreign minister, among others, shed light on the bloc's aspirations for a "more just" world order and raised concerns over the West's actions and influence.

The BRICS bloc, consisting of Brazil, Russia, India, China, and South Africa, has long been seen as an emerging counterpoint to the G7 and the Western-dominated global order. The discussions at the Cape Town meeting centered on expanding the bloc to include major oil-producing nations, such as Saudi Arabia, Iran, and the United Arab Emirates. If successful, this expansion could further strengthen the political and economic influence of Russia and China, as well as the new member countries.

The potential implications of this expansion for Asia, including Bangladesh, are both direct and indirect. On one hand, the inclusion of major oil-producing nations within the expanded BRICS bloc could create new trade and investment opportunities for member countries. Bangladesh, with its burgeoning economy, may benefit from increased trade relations, particularly in the energy sector. Enhanced economic cooperation within the BRICS framework could pave the way for greater economic integration and collaboration among member countries.

However, the expansion of BRICS and its growing influence could also pose challenges for Asia and Bangladesh. The bloc's emergence as a counterpoint to the West has the potential to heighten geopolitical tensions and trade conflicts. Such conflicts may have repercussions on global economic stability and trade flows, which could impact countries dependent on international trade, including Bangladesh. It becomes crucial for Bangladesh to closely monitor these developments and assess their potential impact on its trade and investment environment.

Additionally, the Cape Town meeting addressed concerns about the unfair world order dominated by the West, as highlighted by South African Foreign Minister Naledi Pandor. She emphasized the need for reforming the United Nations Security Council (UNSC) to include permanent African representation. Such reform would be of significance to Asia as a whole, as it would create a more inclusive and representative global governance structure. With a more inclusive UNSC, Bangladesh and other Asian countries could have their interests better represented and addressed on important regional and global issues, including economic development, trade, and security concerns.

Furthermore, the ongoing conflict in Ukraine, which was referenced during the discussions, has indirect implications for Asia and Bangladesh. Geopolitical tensions, especially between the West and Russia, can create uncertainty in global markets, impacting trade flows, commodity prices, and investor confidence. Such developments can have repercussions on Bangladesh's export-oriented economy and on global energy prices and availability, which may affect energy-importing countries like Bangladesh.

In conclusion, the recent meeting of BRICS foreign ministers in Cape Town has brought attention to the bloc's potential expansion and its implications for Asia and Bangladesh. While the inclusion of major oil-producing nations could offer trade and investment opportunities, it could also lead to heightened geopolitical tensions and trade conflicts. Furthermore, calls for reforming the UNSC and concerns over the ongoing Ukraine conflict bring broader implications for Asia, including the representation of countries like Bangladesh on the global stage. As these events unfold, it is essential for Bangladesh to carefully analyze and navigate these developments to safeguard its interests and maximize potential benefits within the changing global landscape.


Ekraz Alim works at Bangladesh Post