Bangladesh has officially applied to become a member of the BRICS alliance, which includes countries like Brazil, Russia, India, China, and South Africa. The application comes after a meeting between Prime Minister Sheikh Hasina and South African President Matamela Cyril Ramaphosa in Geneva. This decision has important consequences for the global economy and how it may change in the future.
Bangladesh, already considered a “Friend of BRICS,” is actively involved in cross-border transactions with the alliance. Now, by submitting a formal application, Bangladesh seeks to further enhance its partnership and cooperation with the member nations of BRICS. This step is aimed at strengthening the existing relationship and opening up new avenues for collaboration between Bangladesh and the BRICS countries.
The positive response received by Bangladesh indicates that there is a possibility for it to become a full member of BRICS in the future. The final decision regarding its membership will be discussed during the upcoming BRICS summit, which is scheduled to be held in South Africa. This summit will serve as a platform for further deliberations on Bangladesh’s inclusion and could shape its future relationship with the BRICS alliance.
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Potential Shift in Global Economy
Bangladesh’s application to join BRICS comes at a time when around 24 countries have shown interest in using the new BRICS currency for trade. This growing interest in an alternative currency could have a potential impact on the dominance of the U.S. dollar in international transactions.
Moreover, the addition of Saudi Arabia and five other Arab nations to the BRICS alliance raises concerns about the potential impact on the American economy. Saudi Arabia, as a major oil exporter, holds considerable influence. If these countries were to request payments in the new BRICS currency, it could pose a challenge to the position of the U.S. dollar and result in significant consequences.
Although the specific effects on the economy are unclear, the expansion of BRICS and the introduction of a new currency could bring about significant changes to the global economic scene. The potential decline in value and demand for the U.S. dollar may have lasting implications, requiring close attention from international economic stakeholders.
With increasing interest in the BRICS currency and the possibility of alliance expansion, significant changes are anticipated in the global economic landscape. The outcomes of the upcoming summit will play a vital role in determining the path forward and shaping the future direction of the global economy.
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Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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