https://sputniknews.in/20230620/brics-membership-will-help-bangladesh-navigate-economic-headwinds-ex-pm-aide-2580004.html
BRICS Membership Will Help Bangladesh Navigate Economic Headwinds: Ex-PM Aide
BRICS Membership Will Help Bangladesh Navigate Economic Headwinds: Ex-PM Aide
Sputnik India
Bangladesh’ interest in joining the BRICS grouping—Brazil, Russia, India, China and South Africa—is geared towards boosting its economic ties with other developing nations, including China and India.
2023-06-20T16:34+0530
2023-06-20T16:34+0530
2023-06-22T14:16+0530
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Bangladesh’s interest in joining the BRICS grouping— Brazil, Russia, India, China, and South Africa— is geared towards boosting its economic ties with other developing nations, including China and India, Dhaka-based experts have told Sputnik.Chowdhury, who is the editor of Daily Observer, noted that the global appeal of BRICS has been growing, with about 20 countries having expressed an interest in joining the influential global grouping.Bangladesh has already been a member of the New Development Bank (NDB) since 2021.He said that a decision on Bangladesh’s membership application will be taken at the BRICS upcoming summit in Cape Town. South Africa, the current BRICS’ chair, has invited Hasina to the leaders’ meeting.The former PM aide said that Dhaka’s interest in joining BRICS had “no relation whatsoever” to recent turbulence in Dhaka-Washington relations.The US ranks as one of the two biggest Foreign Direct Investors (FDI) in Bangladesh and has consistently ranked as its third-biggest trading partner behind China and India.However, Prime Minister Hasina has accused the US of trying to topple her government. Last month, US Secretary of State Antony Blinken announced a new visa policy targeting people “responsible for, or complicit in, undermining the democratic election process” and ensure a “free and fair” election.Dhaka has hit back at the US, stating it remained committed to prevent any “interference” in Bangladesh’s electoral process.BRICS’ Membership in Line With Bangladesh’s Foreign PolicyDelawar Hossain, the director of the East Asia Study Center at the University of Dhaka, told Sputnik that BRICS’ membership would be in line with Bangladesh’s foreign policy of conducting “multilateral diplomacy” without being part of any geopolitical bloc.The academic stated that BRICS provided an “alternative vision” for the developing states amid the “polarized” global environment riven by differences between the US-led western powers and China and Russia.He said that Bangladesh has also been a “champion” of forging an independent foreign policy path, which could serve as a model for other developing nations.Hossain said that Bangladesh’s BRICS membership would afford it “more space” in tackling the economic challenges, though he added that Dhaka remained on a “strong economic footing”.He further stated that it was wrong on the part of certain western analysts to view BRICS as an “anti-west grouping”, as he also endorsed the view that Dhaka’s BRICS membership had nothing to do with its differences with the US.
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BRICS Membership Will Help Bangladesh Navigate Economic Headwinds: Ex-PM Aide
16:34 20.06.2023 (Updated: 14:16 22.06.2023) Exclusive
The International Monetary Fund (IMF) said in May that although Bangladesh was one of the “fastest growing economies” in Asia-Pacific, it was faced with challenges such as depleting forex reserves, inflation, global volatility in commodity prices, and slowdown in other nations.
Bangladesh’s interest in joining the BRICS grouping— Brazil, Russia, India, China, and South Africa— is geared towards boosting its economic ties with other developing nations, including China and India, Dhaka-based experts have told Sputnik.
“BRICS comprises countries like China and India, which have been Bangladesh's biggest trading partners. Bangladesh's BRICS membership will serve as a platform to boost economic coordination with these nations, as well as other developing countries in a multilateral format,” remarked Iqbal Sobhan Chowdhury, a former advisor to Prime Minister Sheikh Hasina.
Chowdhury, who is the editor of Daily Observer
, noted that the global appeal of BRICS has been growing, with
about 20 countries having expressed an interest in joining the influential global grouping.
Bangladesh has already been a member of the
New Development Bank (NDB) since 2021.
He said that a decision on Bangladesh’s membership application will be taken at the BRICS upcoming summit in Cape Town. South Africa, the current BRICS’ chair, has invited Hasina to the leaders’ meeting.
The former PM aide said that Dhaka’s interest in joining BRICS had “no relation whatsoever” to recent turbulence in Dhaka-Washington relations.
The US ranks as one of the two biggest Foreign Direct Investors (FDI) in Bangladesh and has consistently ranked as its third-biggest trading partner behind China and India.
However, Prime Minister Hasina has accused the US of trying to topple her government.
Last month, US Secretary of State Antony Blinken announced a
new visa policy targeting people “responsible for, or complicit in, undermining the democratic election process” and ensure a “free and fair” election.
Dhaka has hit back at the US, stating it remained committed to prevent any “interference” in Bangladesh’s electoral process.
BRICS’ Membership in Line With Bangladesh’s Foreign Policy
Delawar Hossain, the director of the East Asia Study Center at the University of Dhaka, told Sputnik that BRICS’ membership would be in line with Bangladesh’s foreign policy of conducting “multilateral diplomacy” without being part of any geopolitical bloc.
“BRICS is an informal grouping to discuss common problems and common challenges. In the current geopolitical context, it would serve as a forum to promote economic interactions with China, India and Russia, as well as other developing nations,” Hossain remarked.
The academic stated that BRICS provided an “alternative vision” for the developing states amid the “polarized” global environment riven by differences between the US-led western powers and China and Russia.
He said that Bangladesh has also been a “champion” of forging an independent foreign policy path, which could serve as a model for other developing nations.
Hossain said that Bangladesh’s BRICS membership would afford it “more space” in tackling the economic challenges, though he added that Dhaka remained on a “strong economic footing”.
He further stated that it was wrong on the part of certain western analysts to view BRICS as an “
anti-west grouping”, as he also endorsed the view that Dhaka’s BRICS membership had nothing to do with its differences with the US.
“It is part of diplomacy for any country. Bangladesh is engaged with many countries, including those which are not part of BRICS. Of course, geopolitics and national interest do play a part in any decision,” the academic underlined.
