In a significant diplomatic development, Alexei Overchuk, the Russian Deputy Prime Minister, has expressed support for Pakistan's bid to join the BRICS alliance. This announcement came during a high-level meeting in Islamabad, marking a potential shift in the global economic landscape.
BRICS, an acronym coined by economist Jim O'Neill in 2001, has evolved into a powerful economic bloc. Originally comprising Brazil, Russia, India, China, and later South Africa, the group has recently expanded to include Iran, Egypt, Ethiopia, and the United Arab Emirates. This expansion, occurring approximately a year ago, demonstrates the growing influence of emerging economies on the world stage.
Ishaq Dar, Pakistan's Foreign Minister, engaged in discussions with Overchuk regarding the enhancement of economic ties and bilateral trade. The talks come at a crucial time, as trade between the two nations reached the $1 billion mark last year, highlighting the potential for further growth.
The BRICS alliance, which celebrated its 18th anniversary this year, has been making significant strides in global economics. Representing about 40% of the world's population and accounting for approximately 25% of global GDP, BRICS nations have been working towards reducing dependency on the US dollar and exploring the creation of a common currency.
"Of course, we would be supportive"
This statement regarding Pakistan's BRICS membership request underscores the changing dynamics of international relations. The alliance has been advocating for reforms in international financial institutions and promoting cooperation in various fields, including science, technology, and innovation.
Pakistan's interest in BRICS aligns with its recent efforts to diversify its international partnerships. Notably, Imran Khan, the former Prime Minister currently imprisoned, visited Moscow in February 2022, just before the escalation of the Russia-Ukraine conflict. Since then, Pakistan has maintained a neutral stance, advocating for a peaceful resolution through diplomatic channels.
The potential inclusion of Pakistan in BRICS could further strengthen the bloc's position. With BRICS nations already holding about 30% of the world's land surface and possessing significant reserves of natural resources, Pakistan's addition would contribute to the alliance's growing influence in global affairs.
As discussions progress, the international community will be closely watching the developments in this evolving economic partnership. The outcome could have far-reaching implications for global trade dynamics and the balance of economic power in the years to come.