Leaders from Bangladesh and Indonesia are scheduled to participate in the forthcoming BRICS summit, which comprises five significant emerging economies. This event will take place in Johannesburg, with both Asian nations aiming to enhance their accessibility to development funding.
67 world leaders have been invited to the BRICS summit. which will take place from August 22 to 24. The leaders included Indonesian President Joko “Jokowi” Widodo and Prime Minister of Bangladesh Sheikh Hasina.
According to Muhammad Faruk Khan, head of Bangladesh’s parliamentary standing committee on foreign affairs, Bangladesh views this summit as a potential source of development assistance. The country also seeks to improve its ties with BRICS members.
Participants in a virtual briefing held on Friday at the Center for Strategic and International Studies, a Washington-based think tank, stated that the expansion of the BRICS membership is a crucial topic that will probably be discussed at the summit in Johannesburg.
Meanwhile, Indonesia’s president, Jokowi, has not confirmed if the country will join the BRICS group. A commentary by Jefferson Ng Jin Chuan and Utaryo Santiko suggests BRICS would benefit Indonesia due to its significant development financing capability through its bank. Indonesia’s infrastructure projects, including a new capital in Borneo, will cost billions of dollars.
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About BRICS
Brazil, Russia, India, China, and South Africa (BRICS) were first known as BRIC until 2006. In 2010, South Africa was added. BRICS was formed to act as an opposition to the dominance of Western countries and the lending organizations they control, like the World Bank and the International Monetary Fund.
The BRICS was also established to raise funds for infrastructure and sustainable development projects in the BRICS and other emerging economies. Additionally, expanding its membership is part of a plan to “become the premier development institution for emerging market economies.”
source: thejakartapost.com
