The key differences between BRICS and BRICS+ lie primarily in their membership and scope. BRICS is a coalition of five major emerging economies that collaborate on issues such as economic development, political dialogue, and social progress. These countries share a common goal of creating a more balanced global economic order, reducing the dominance of traditional Western powers.
BRICS+ is a broader concept that seeks to expand this cooperation by including other emerging economies that share similar developmental aspirations but are not part of the original BRICS group. This expanded framework allows countries beyond the core five to engage in discussions and collaborate on global issues. Unlike BRICS, which is a more formal grouping with established mechanisms and institutions like the New Development Bank (NDB), BRICS+ is a more flexible and inclusive approach, allowing for varying degrees of participation from non-member states.
For countries like Bangladesh, BRICS+ offers significant potential economic and strategic benefits. One of the key advantages is the opportunity to increase trade with some of the world’s largest and most dynamic markets. By engaging with BRICS+, Bangladesh can diversify its trade relations, reducing reliance on traditional markets and potentially gaining better access to the resources and technology needed for its development.
Additionally, political collaboration within the BRICS+ framework can enhance Bangladesh’s voice in global economic governance. Being part of this larger network allows Bangladesh to align itself with like-minded nations, advocating for common interests on issues like climate change, infrastructure development, and poverty alleviation. This collaboration can also open up avenues for investment, particularly in infrastructure projects, where Bangladesh can benefit from partnerships and financial support from larger economies within the BRICS+ network.
Read more here: Differences between Brics and Brics + and benefits for Bangladesh
