In a significant diplomatic development, Alexei Overchuk, Russian Deputy Prime Minister, has expressed Moscow's support for Pakistan's potential inclusion in BRICS. This statement came during Overchuk's two-day visit to Islamabad, where he addressed a joint press conference with Pakistan's Foreign Minister, Ishaq Dar.
BRICS, an acronym coined by economist Jim O'Neill in 2001, represents a group of major emerging economies. Originally formed in 2006 as BRIC (Brazil, Russia, India, China), the group expanded to include South Africa in 2010. These nations collectively represent approximately 40% of the global population and 25% of the world's GDP.
The group has been actively reshaping the global economic landscape. In 2023, BRICS invited six new countries to join: Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the United Arab Emirates. This expansion aligns with the bloc's goal to reform what it perceives as an outdated world order.
During the press conference, Overchuk and Dar also discussed enhancing bilateral trade volume and addressing banking constraints for transactions. This focus on economic cooperation reflects the growing importance of BRICS in the global financial system. Notably, the group established its own development bank, the New Development Bank, in 2014, and has been exploring the creation of a reserve currency.
The Russian Deputy Prime Minister also announced that Mikhail Mishustin, the Russian Prime Minister, would attend the upcoming Shanghai Cooperation Organisation (SCO) heads of government meeting in Islamabad in October 2024. The SCO, founded in 2001, focuses on strengthening mutual trust and good-neighborliness among member states, with a particular emphasis on security-related issues such as counter-terrorism.
"We would be supportive of it."
This statement was in response to a question about Pakistan's request to become part of BRICS. It underscores the evolving dynamics of international relations and the growing influence of non-Western alliances.
Both BRICS and SCO are increasingly seen as potential counterweights to Western-led international organizations. BRICS countries have been vocal in their criticism of Western-dominated global financial institutions and have been pushing for a multipolar world order.
As these developments unfold, the global community watches closely to see how the expansion of BRICS and the strengthening of ties within the SCO will impact the international economic and political landscape in the coming years.