A stronger BRICS can promote peace, dev
The expansion of BRICS, an alliance of the Global South, comes at a time of increasing geopolitical polarisation and economic turmoil across continents caused by the Russia-Ukraine war.
As different countries are showing a vigorous interest in joining the alliance, formed in 2009 to act as a counterbalance to the hegemony of World Bank and IMF, many analysts ask if the world would see further tension and division.
Questions also remain as to whether BRICS will be able to achieve its goals.
Foreign policy analysts hope BRICS' expansion and strength will foster peace and development, not rivalry.
"BRICS was formed not to replace the World Bank or IMF, but to strengthen the member states so that they are not fully dependent on the West-dominated institutions," said Munshi Faiz Ahmad, former ambassador to China.
The alliance members -- Brazil, Russia, India, China, and South Africa -- in their summit in Johannesburg on Thursday announced Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE as new member states of the alliance.
Bangladesh is among the 40 countries that applied for BRICS membership.
The BRICS was formed when countries with emerging economies realised they were not getting enough opportunities and the domination of the US dollar was a barrier for trade, especially when there were sanctions.
So, the BRICS members founded the New Development Bank for the developing countries. They looked forward to reducing their dependence on the US dollar, Faiz said.
Foreign ministry officials say Bangladesh will be included in the alliance through a certain procedure.
Bangladesh needs funds for development, Foreign Minister AK Abdul Momen told reporters before the BRICS summit.
"We don't get a lot of funds from developed countries. The BRICS countries have money in reserves. Let's not look at it from a geopolitical perspective," he said.
International relation analysts say the inclusion of Saudi Arabia and the UAE, will allow BRICS to act as a lender to the developing countries.
Brazil, Russia, India, China, and South Africa account for 40 percent of the global population and over 25 percent of the global GDP.
Faiz said unlike the World Bank and IMF, the New Development Bank will not attach strict conditions for granting loans to the developing countries.
Even though the New Development Bank follows the general principles of good governance in financial operations, borrowing would be much easier for the developing countries, he added.
Another analyst, requesting anonymity, said the BRICS member countries have the key elements to become self-reliant: manufacturing capability, technology, and a large market.
China and Russia are major players in the alliance, said the analyst, adding that one should not have any doubts that the alliance will eventually start talking about military cooperation.
However, there are certain challenges facing BRICS. China and Russia, with their authoritarian political systems, are anti-West. Democratic countries like India have close relations with the West. But there is serious enmity between China and India.
"China and India's disputes can spell trouble for the BRICS," said the analyst.
If BRICS and the China-led Regional Comprehensive Economic Partnership become complementary to each other, the influence of the West may fall.
Prof Niloy Ranjan Biswas, who teaches international relations at Dhaka University, said introducing a common currency would not be easy for BRICS because of differences in the economies and foreign policies of the member states.
The European Union could introduce Euro because there are geographical contiguity and economic and political similarities among the countries. Yet, it took many years for them to launch the common currency, Prof Niloy said.
If BRICS countries can minimise their political differences and help each other in their pursuit of economic development, the bloc can be a major voice in the global stage, he added.
Faiz believes that a strong voice of the Global South is important for a balance in global power.
"We need multipolarity in the world," he said.
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