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Formidable Group: Why Pakistan Wants to Join BRICS
Formidable Group: Why Pakistan Wants to Join BRICS
Sputnik India
Pakistan's newly appointed ambassador to Russia, Muhammad Khalid Jamali, recently said that the nation is contacting BRICS members to rally support for Islamabad’s membership bid, including Russia.
2023-11-26T15:19+0530
2023-11-26T15:19+0530
2023-11-26T16:27+0530
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Pakistan's newly appointed ambassador to Russia, Muhammad Khalid Jamali, recently said that the nation is contacting BRICS members to rally support for Islamabad’s membership bid, including Russia.As almost all of Pakistan’s neighbors - India, China, Iran are - or will be soon - members of BRICS. As such, it comes as no surprise that the South Asian nation wants to be part of the bloc also.Expansion of BRICSBRICS refers to Brazil, Russia, India, China, South Africa, with a number of countries due to join this January. The bloc aims to establish deeper ties between member nations and collaborate on economic cooperation, including trade. In a way the countries act as a counterbalance to traditional Western influence.Sputnik India spoke to several political analysts to understand why Pakistan seeks to become a BRICS member, and how it can impact the country in the future.Benefits for Pakistan of Joining BRICSAccording to a senior diplomat at the Pakistan Embassy in Moscow, BRICS is an important global organization and Pakistan wants in.Since its inception in 2001 BRICS has aimed to foster cooperation, economic growth, and influence among its member nations. One of the primary advantages of joining BRICS is its collective economic might. The member countries with their vast populations and abundant resources, collectively contribute a huge portion of global gross domestic product (GDP).Hence, for Pakistan, becoming a member will foremost mean a combined economic clout of these nations exerting influence in international financial institutions and giving the country an ability to negotiate more favorable terms in trade relations.Former manager of Engro Corporation and analyst, Dr. Shahid Rashid, told Sputnik India that becoming a BRICS member might help Pakistan reduce dependency on traditional Western markets and give it opportunities to enter other members' growing consumer base.Moreover, the addition of oil rich countries like Saudi Arabia, the UAE, and Iran to BRICS next year will gradually reduce the dependency on the US dollar globally and it is rumored that BRICS will introduce its own currency to conduct trade.In addition, becoming a member could bring more investment into the country, thus increasing job opportunities and reducing unemployment and poverty.Apart from economics, BRICS has provided a platform for its member countries to jointly address global issues and work together for reforms in international organizations.Challenges That Pakistan Might Face as a BRICS MemberOne of the main challenges that the critics of BRICS highlight is the economic disparities among BRICS members.Pakistan, if it were to become a member, has a vital geopolitical role to play, considering its strategic location, deep sea port of Gwadar, abundant natural resources and it being a member of the China Pakistan Economic Corridor (CPEC).However, larger economies of the organization such as China, Russia and India may have a stronger clout in the group which may lead to imbalanced benefits from the group's initiatives.A geopolitical expert based in Islamabad, who asked to remain anonymous, told Sputnik India that larger economies like China tend to dominate decision-making, potentially diminishing smaller members and stopping even-handed distribution of benefits.Rashid however, feels that any organization - including the G7 and European Union, for that matter - has its numerous challenges, but it does not stop members from joining.Hence, considering Pakistan's current energy crisis and the need for more foreign direct investment to stimulate economic growth, becoming a BRICS member could be part of the solution to some of the country's political and economic challenges.
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Formidable Group: Why Pakistan Wants to Join BRICS
15:19 26.11.2023 (Updated: 16:27 26.11.2023) Pakistan has submitted an application to join the BRICS group of nations in 2024. A possible entry to the bloc may hold both promises and challenges for the South Asian nation as it plays one of the key roles in regional geopolitics.
Pakistan's newly appointed ambassador to Russia, Muhammad Khalid Jamali, recently said that the nation is contacting BRICS members to rally support for Islamabad’s membership bid, including Russia.
As almost all of Pakistan’s neighbors - India, China, Iran are - or will be soon - members of
BRICS. As such, it comes as no surprise that the South Asian nation wants to be part of the bloc also.
BRICS refers to Brazil, Russia, India, China, South Africa, with a number of countries due to join this January. The bloc aims to establish deeper ties between member nations and collaborate on economic cooperation, including trade. In a way the countries act as a counterbalance to traditional Western influence.
Egypt, Ethiopia, Argentina, Iran, Saudi Arabia, and the United Arab Emirates were invited to join BRICS next year at the most recent meeting of the group in South Africa.
Sputnik India spoke to several political analysts to understand why
Pakistan seeks to become a BRICS member, and how it can impact the country in the future.
Benefits for Pakistan of Joining BRICS
According to a senior diplomat at the Pakistan Embassy in Moscow, BRICS is an important global organization and Pakistan wants in.
"BRICS represents 40 percent of the global population. Pakistan, like many other countries, has expressed interest to join it and has reached out to Russia, in particular, for support of its membership bid," the diplomat told Sputnik India.
Since its inception in 2001 BRICS has aimed to foster cooperation, economic growth, and influence among its member nations. One of the primary
advantages of joining BRICS is its collective economic might. The member countries with their vast populations and abundant resources, collectively contribute a huge portion of global gross domestic product (GDP).
At present, the combined contribution of the five BRICS members to global GDP is 31.5%, and with its new members, the bloc is expected to contribute over 50% of the global GDP by 2030, which will significantly exceed the contribution of the G7 countries.
Hence, for Pakistan, becoming a member will foremost mean a combined economic clout of these nations exerting influence in international financial institutions and giving the country an ability to negotiate more favorable terms in trade relations.
Former manager of Engro Corporation and analyst, Dr. Shahid Rashid, told Sputnik India that becoming a BRICS member might help Pakistan reduce dependency on traditional Western markets and give it opportunities to enter other members' growing consumer base.
“The US and [its] western allies' policies are not based on prosperity of the developing economies - rather on hegemony and control of these nations. Whereas, BRICS, mostly consisting of developing nations, aims to achieve economic prosperity. The establishment of the New Development Bank (NDB) by BRICS members aims to support infrastructure and sustainable development projects in emerging economies. So this initiative can help Pakistan by promoting economic growth and financial prosperity,” Rashid explained.
Moreover, the addition of oil rich countries like Saudi Arabia, the UAE, and Iran to BRICS next year will gradually reduce the dependency on the US dollar globally and it is rumored that BRICS will introduce its own currency to conduct trade.
“BRICS will soon trade in either gold or in its own currency and that can have endless benefits for Pakistan as it opens up more opportunities to develop and strengthen bilateral trade relations with these oil rich nations,” according to the analyst.
In addition, becoming a member could bring more investment into the country, thus increasing job opportunities and reducing unemployment and poverty.
Apart from economics, BRICS has provided a platform for its member countries to jointly address
global issues and work together for reforms in international organizations.
“As a united front on many global challenges, such as climate change, extremism and poverty, BRICS has solidified its members' political influence on the global stage. For Pakistan that could mean greater international exposure and ability to ask for support for the needed reforms within the country,” the analyst told Sputnik India.
Challenges That Pakistan Might Face as a BRICS Member
One of the main challenges that the critics of BRICS highlight is the economic disparities among BRICS members.
Pakistan, if it were to become a member, has a vital geopolitical role to play, considering its
strategic location, deep sea port of Gwadar, abundant natural resources and it being a member of the
China Pakistan Economic Corridor (CPEC).
However, larger economies of the organization such as China, Russia and
India may have a stronger clout in the group which may lead to imbalanced benefits from the group's initiatives.
A geopolitical expert based in Islamabad, who asked to remain anonymous, told Sputnik India that larger economies like China tend to dominate decision-making, potentially diminishing smaller members and stopping even-handed distribution of benefits.
"Different levels of economic development, governing systems and political ideologies can lead to disagreements on major issues, negating the effectiveness of the group or ignoring the smaller member countries," the expert said.
Rashid however, feels that any organization - including the G7 and European Union, for that matter - has its numerous challenges, but it does not stop members from joining.
"Challenges in coordinating policies, implementing joint initiatives, and resolving disputes are there and it will be so for years to come because BRICS is a relatively new organization, but despite the complexities, BRICS continues to expand and its global effectiveness is growing. Why should Pakistan miss out on that?" the analyst concluded.
Hence, considering Pakistan's current energy crisis and the need for more foreign direct investment to stimulate economic growth, becoming a BRICS member could be part of the solution to some of the country's political and economic challenges.
