Pakistan has officially applied to join the BRICS economic bloc, seeking support from Russia and other members in the process, the Russian news agency TASS reported.
According to Pakistan’s envoy to Moscow, Muhammad Khalid Jamali, Islamabad is looking to join the group of developing nations in 2024 under Russia’s presidency.
“Pakistan would like to be part of this important organization, and we are in the process of contacting member countries to extend support to Pakistan’s membership in general and the Russian Federation in particular,” Ambassador Jamali said.
China has indicated a supportive stance on Pakistan’s membership bid. According to News Nine, this support is presumably so that Beijing’s influence becomes stronger in the country.
“We should let more countries join the BRICS family to pool wisdom and efforts to make global governance more just and equitable,” Chinese President Xi Jinping said.
India has also expressed support for expanding the BRICS members but has refrained from commenting on Pakistan’s specific membership application.
At a summit hosted by China last year, Pakistan alleged that “one member” of the BRICS group obstructed its participation. The Pakistan Foreign Office is hopeful future decisions within the group will prioritize “inclusivity.”
“We do hope that the future engagement of the organization will be based on the principles of inclusivity, keeping in view the overall interests of the developing world and in a manner that is devoid of narrow geopolitical considerations,” the office said.
Expanding market, economic growth
Pakistan aims to boost its economy by tapping into BRICS’ capability as a burgeoning global power. The country anticipates that joining the forum will offer access to new export markets, foster domestic growth, and address issues like unemployment, poverty and illiteracy within its borders.
BRICS has also founded significant financial entities like the New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA). Analysts highlight that the CRA, backed by more than $100 billion in capital, serves as a safety buffer for member nations dealing with short-term balance of payment challenges.
Pakistan is still struggling with one of the worst economic crises in its history. The World Bank has warned of imminent instability, advocating urgent financial restructuring. Soaring inflation, especially in petroleum and diesel prices, has made these essentials unaffordable for many. In addition, steep electricity costs have provoked public discontent.
The International Monetary Fund (IMF) is commonly linked to Pakistan’s economic challenges. However, China’s growing economic engagement, marked by substantial loans and the China-Pakistan Economic Corridor (CPEC), has also intensified Pakistan’s financial woes. The U.S. worries about Pakistan’s ability to repay escalating Chinese loans, labeling it a “debt trap.”
A recent study by Nikkei Asia revealed that China has provided Pakistan with approximately $21 billion more in loans than initially estimated over the past two decades. This makes Pakistan the largest recipient of Chinese-funded energy projects globally.
BRICS’ expansion plan
The application came as the group plans to expand. During its most recent summit in South Africa last month, BRICS invited six additional countries — Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates — to join the alliance.
These six nations are set to officially become BRICS members starting January 1, 2024, expanding the bloc beyond its current members — China, Brazil, Russia, India and South Africa.
According to South Africa, the current president of the group, over 40 countries have expressed interest in joining. Russia’s Deputy Foreign Minister Sergey Ryabkov announced in early October that BRICS will finalize the list of candidates for partner-state status before the upcoming summit in Kazan next year.
The report also revealed that Russia’s leadership plans in BRICS will prioritize expanding the group’s connections, particularly in Latin America. This move aims to enlarge the “circle of BRICS friends.”