Monday, December 4, 2023

Reports in mid-May hinted at Bangladesh and India engaging in currency trading with their own currencies to address liquidity challenges linked to the U.S. dollar. Recent sources now disclose Bangladesh’s anticipation of a formal invitation to join the BRICS bloc. AK Abdul Momen, the foreign minister of Bangladesh, expressed his certainty about their participation during a statement to reporters on Monday, stating, “Once they invite us, we will surely join.”

Bangladesh’s Foreign Minister on BRICS: “We Will Surely Join Once They Invite Us”

The highly anticipated BRICS summit, scheduled for August in South Africa, has captured the attention of the global community as they eagerly await this significant event. Consisting of Brazil, Russia, India, China, and South Africa, the BRICS bloc represents a powerful coalition of regional economies. Currently, a considerable number of countries have either formally applied or expressed keen interest in joining this influential group.

An array of 29 countries, including Algeria, Argentina, Bahrain, Bangladesh, Belarus, Comoros, Cuba, Democratic Republic of Congo, Egypt, Gabon, Guinea-Bissau, Indonesia, Iran, Kazakhstan, Mexico, Nicaragua, Nigeria, Pakistan, Saudi Arabia, Senegal, Sudan, Syria, Thailand, Tunisia, Turkey, United Arab Emirates, Uruguay, Venezuela, and Zimbabwe, are presently competing for BRICS membership.

During a press conference on Monday, AK Abdul Momen, the foreign minister of Bangladesh, expressed that should a formal invitation be extended to their South Asian nation, Bangladesh would gladly embrace the opportunity to join the BRICS group. “We will surely join once they invite us. We are yet to receive any formal letter inviting us to join. The BRICS leaders are considering the inclusion of some emerging economies – approximately eight new countries, including Saudi Arabia, United Arab Emirates, Indonesia, and Bangladesh,” Momen informed reporters on Monday.

During his visit to Geneva, AK Abdul Momen subtly hinted at Bangladesh’s imminent membership in the esteemed BRICS bloc, with an expected entry in August. According to regional reports from the Dhaka Tribune, a formal request to join the alliance was “put forward” after a meeting between Prime Minister Sheikh Hasina and South African President Matamela Cyril Ramaphosa last Wednesday. The Tribune also cited an undisclosed source who disclosed the nature of their discussions.

As per the Tribune, Momen took an additional step by sending a formal letter to Naledi Pandor, the current chairman of the BRICS bloc and South Africa’s foreign minister. Moreover, the regional news desk reached out to Bangladesh’s foreign secretary, Masud Bin Momen, who confirmed their interest and application to join the alliance, stating, “Yes, we have expressed our interest and applied to join the alliance.”

Alongside deliberations on the potential expansion of the BRICS bloc to include numerous nations, the forthcoming summit will explore discussions regarding the establishment of a unified BRICS reserve currency. In mid-May, it was reported that Bangladesh and India were trading in their respective local currencies due to a lack of liquidity in the U.S. dollar.

What are your thoughts on AK Abdul Momen’s statements about joining BRICS and the rumors of a formal request being sent? Share your opinions and perspectives on this matter in the comments section below.


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