"BRICS membership will help widening trade horizons of Bangladesh", as mentioned in the editorial of the monthly magazine of Metropolitan Chamber, named Chamber News (July, 2023 issue).
The bulletin contains current and updated economic and business news in both national and international contexts.
BRICS is a coalition of five major emerging economies, which have been deemed to have the potential to take a leading part in the international economy.
Currently, the members are: Brazil, Russia, India, China, and South Africa. With a combined demographic of over 3 billion and a total GDP of over US$27 trillion, BRICS countries have collaborated to advance their common interests on the international platform.
BRICS Bank, the BRICS New Development Bank, and the BRICS Contingent Reserve Arrangement are among the several joint initiatives that have been established.
In June 2023, Bangladesh made an official request for the BRICS membership. The decision makers at BRICS have mentioned that they will give eight more countries BRICS membership in the future.
The editorial cites, whether Bangladesh’s request is entertained or not would become clear by the next BRICS conference to be held in South Africa in August 2023. Bangladesh has expressed its interest in joining BRICS for several reasons.
As BRICS is an influential political bloc with a combined population of over 3 billion people, Bangladesh would have a louder voice in international affairs as a BRICS member, and could collaborate with other BRICS members on topics of mutual interest.
This would also result in Bangladesh having a more robust security alliance. Bangladesh could also take part in the BRICS New Development Bank (NDB) for attaining much-needed funding for infrastructure development and other projects. It should be noted that the BRICS nations are leading the way in terms of technological advancement and have a history of sharing technology with other countries with fewer resources.
As a member of the BRICS, Bangladesh would have access to advanced technologies to enhance the nation’s technological capacities. Perhaps the biggest advantage for Bangladesh in joining BRICS would be a broadening of its trade and investment horizons. Our country will graduate from Least Developed Country (LDC) status in 2026.
As a result, Bangladesh will no longer be entitled to preferential trade agreements (PTAs) from developed countries. In order to reduce the effect of LDC graduation, Bangladesh must find new export opportunities.
Here, BRICS might be the answer. Joining BRICS would open up a large and expanding market to Bangladesh, as well as increase the possibility of new foreign investments. BRICS countries already account for a significant share of Bangladesh’s trade.
In 2022, Bangladesh’s exports to the BRICS countries had a worth of $18.5 billion, while its imports from the same countries amounted to $19.2 billion. Joining BRICS would provide Bangladesh with a greater connection to these markets. It could lead to an overall expansion of trade between Bangladesh and other BRICS countries.
