Bangladesh submits a formal request to join the BRICS Alliance.
The upcoming BRICS summit decisions will shape the global economic trajectory.
Bangladesh has submitted a formal application to join the BRICS alliance, which has Brazil, Russia, India, China, and South Africa in hand. The application follows a meeting between Prime Minister Sheikh Hasina and South African President Matamela Cyril Ramaphosa in Geneva. This development carries significant implications for the global economic landscape.
As a current “Friend of BRICS,” Bangladesh already engages in cross-border transactions with the alliance. By submitting a formal application, Bangladesh aims to strengthen its partnership and cooperation with the member nations of BRICS.
The positive response received by Bangladesh indicates the potential for future inclusion as a full member of BRICS. The decision regarding membership will be discussed during the upcoming BRICS summit, scheduled to take place in South Africa.
Potential Global Economic Shift
Bangladesh‘s application comes when approximately 24 countries have expressed their interest in conducting trade using the new BRICS currency. This development could potentially impact the dominance of the U.S. dollar, as more nations seek alternatives for international transactions.
Furthermore, the inclusion of Saudi Arabia, along with five Arab nations, highlights the potential ramifications for the American economy. Saudi Arabia, being a major oil exporter, holds significant leverage. If these countries were to demand payments in the new BRICS currency, it would challenge the position of the U.S. dollar and have far-reaching consequences.
While the exact economic impacts of BRICS expansion and the adoption of a new currency remain uncertain, it is evident that these developments could reshape the global economic landscape. The declining value and demand for the U.S. dollar could have long-term consequences, necessitating careful observation by international economic players.
As interest in the BRICS currency grows and the potential expansion of the alliance looms, the global economic landscape is expected to undergo significant transformations. Therefore, the decisions made during the upcoming summit will be crucial in shaping the future trajectory.