Analysis | Distancing from BRICS: Is Bangladesh Giving Up Diplomatic and Economic Opportunities?

Raudra Rudra

(Political and security analyst.)

 

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The world economy is changing rapidly. On the one hand, the United States and the Western economic structure, on the other hand, the influence of the Global South, led by emerging powers including China, India, Russia, and Brazil, is increasing. One of the important platforms for this change is BRICS.

The 18th BRICS Summit is being held in New Delhi from 12–13 September 2026. Bangladesh is not a member of BRICS. However, as the current chairman of BIMSTEC, Bangladesh was invited to the outreach phase of the summit. Ultimately, Dhaka did not take up the opportunity and there will be no official representation from Bangladesh at the summit.

The question is—is this just a matter of diplomatic protocol, or is it a suicidal decision and a missed opportunity for Bangladesh in a rapidly changing global economy?

The rise of BRICS in the global economy:

The combined power of the current members of BRICS is no longer something to be ignored. According to 2026 data from the Indian government, the 11-member BRICS represents about 49.5 percent of the world’s population, 40 percent of global GDP, and 26 percent of global trade.

The most tangible evidence of this power is their mutual trade. In 2003, trade in goods between the BRICS countries was just $84 billion. In 2024, it increased to $1.17 trillion—an increase of almost 13 times in two decades.

It is not just a political alliance; it is a large economic bloc of growing markets, investments, supply chains, and development financing.

 

Bangladesh absent from BRICS summit despite invitation:

Bangladesh was invited to the outreach phase of the BRICS summit as the BIMSTEC chairman. But Dhaka did not accept the invitation. The government’s position was that the Prime Minister’s first visit to India should be bilateral and the invitation was originally intended for the BIMSTEC chairman.
But the question remains – if in fulfilling a regional responsibility, Bangladesh has the opportunity to interact at the highest level at one of the world’s most important economic platforms, should it be missed by covering it up with a mere protocol?

Attending the BRICS summit did not mean becoming a member of BRICS, nor did it mean being aligned with any party. Rather, it meant getting an opportunity to present Bangladesh’s economic and strategic interests on the same platform with the leadership of the world’s important emerging economies, including India, China, Russia, and Brazil.
Most significantly, the leaders of the two countries are using the same BRICS platform despite border and strategic disputes between India and China. On the sidelines of the 2026 summit, Narendra Modi and Xi Jinping also held meetings and discussed trade, logistics, and border peace.

When major powers are using the multilateral platform for national interests despite their own conflicts, there is no way to avoid the question of why Bangladesh will stay away from that platform due to the whims of the current government.

 

Sheikh Hasina’s Foresight: Bangladesh’s Entry into the BRICS Economic Framework:

Although Bangladesh is not a direct member of BRICS, it is a member of the New Development Bank (NDB) created by this alliance. It may be recalled that Bangladesh formally submitted a ‘letter of interest’ to become a member of BRICS after the meeting between the then Prime Minister Sheikh Hasina and the President of South Africa in Geneva, Switzerland in June 2023. However, before that, Bangladesh officially became a member of the NDB on September 16, 2021.

In other words, under the visionary leadership of the then successful statesman Prime Minister Sheikh Hasina, Bangladesh joined an alternative development financing framework, the main initiators of which were Brazil, Russia, India, China, and South Africa.

Its importance is even clearer today.
The NDB has already financed projects worth nearly $44 billion.

In the case of Bangladesh, the NDB has approved 3 projects by the end of 2025, with a total approved financing of $450 million.
This means that the decision taken during Sheikh Hasina’s government was not a symbolic diplomatic move; it opened a far-reaching door to alternative foreign financing for Bangladesh.

Protocol or extreme diplomatic bankruptcy?:

The Prime Minister’s first visit to India should be bilateral—this may be a limited political consideration of the government. But bilateral and multilateral diplomacy are not substitutes for each other.

Rather, a developing country like Bangladesh needs to use all diplomatic platforms equally. The consequences of ignoring the opportunity to build
connections on trade, investment, energy, infrastructure, technology and regional connectivity while attending a conference where countries representing nearly half the world’s population and nearly 40 percent of global GDP are coming together could be dire.

 

The new reality of de-dollarization:

Trade in local currencies, cross-border payments and alternative financial infrastructure are increasingly gaining importance in BRICS financial discussions.
However, this is not directly seen as a “fall of the dollar”. The 2026 summit did not decide to introduce a common BRICS currency. Rather, the emphasis was on increasing trade and investment settlements in local currencies and advancing work on connecting member countries’ payment and messaging systems.

These changes in the international payment system and affordable fuel procurement are crucial for a foreign exchange and energy-dependent economy like Bangladesh. However, due to the indifference and short-sighted policies of the current administration, Bangladesh is completely isolated from this changing global financial structure.

 

Missed opportunities for energy security and affordable trade:

The BRICS countries are one of the major energy producers and controlling forces in the global market. India and China have kept their economies and industrial sectors running by procuring cheap oil from these energy markets in Russia and the Middle East. However, due to its absence from the BRICS summit, Bangladesh is distancing itself from this global network of affordable energy procurement, which is further jeopardizing the country’s energy security.

 

Trade with India: Not a slogan, but a brutal reality:

India’s importance to Bangladesh’s economy becomes most evident in trade statistics.

In the fiscal year 2025-26, Bangladesh imported goods worth about $10.96 billion from India. In contrast, Bangladesh’s exports to India were about $1.75 billion. This means that the deficit in goods trade is about $9.21 billion.

In this reality, it is not possible to sustain the country’s economy by limiting relations with India to political sentiment or the narrow protocol of bilateral visits. Trade, energy, communications, borders and regional logistics – everything must be considered together as a whole.

 

Is Bangladesh able to utilize the opportunities of NDB?:

This is where the major failure of the current administration comes to light.

On the one hand, NDB’s overall project financing is about $44 billion; on the other hand, there are 3 projects approved in Bangladesh by the end of 2025, totaling $450 million.

This proves that the current administration is not only boycotting the BRICS summit, but is also failing miserably to fully utilize the economic opportunities that have been achieved in the past. While it is possible to further expand this financing for infrastructure, energy, transport and climate-resilient projects, it is stalled due to stubborn policies.

 

Multifaceted diplomacy is in Bangladesh’s true interest:*

The main strength of modern diplomacy is not to choose one side and push the other away; but to keep the door open as much as possible in the national interest.
India itself is actively working with BRICS as well as various Western and Asian multilateral structures. Even amidst the deep rivalry in India-China relations, the two countries are using the BRICS platform.

Bangladesh also needed a similar pragmatic diplomacy—maintaining balanced relations with all—India, China, Russia, the United States, the European Union, and the Global South. Increasing engagement with BRICS does not mean taking a stand against any particular bloc.

 

A conference, or the biggest missed opportunity?:

It would be wrong to call Bangladesh’s absence from the BRICS summit just a simple diplomatic distance; it is a major testament to the current administration’s capricious and suicidal policies. In a world that is rapidly moving towards a multilateral economic system, Bangladesh is at risk of becoming the biggest ‘loser’ or affected state on the world stage today, due to diplomatic protocol and political inferiority complex, by itself closing the doors of possibilities. If this suicidal isolation continues, the country’s future development and economic stability may face a deep and irreparable crisis, being cut off from the global economy – which will cost the entire nation an extreme price in the long run.