In a recent interview with TASS, Pakistan’s new Ambassador to Russia, Muhammad Khalid Jamali, revealed that Pakistan has submitted an application to join the BRICS group of nations in 2024.
Pakistan files application to join the BRICS group of nations in 2024, counts on Russia’s help
The ambassador expressed confidence in Russia’s support throughout the membership process. Responding to a question about the status of Pakistan’s BRICS membership bid, Jamali affirmed that the application has been filed. He further specified that Pakistan aims to join the group under Russia’s presidency in the year 2024.
“Pakistan would like to be part of this important organization and we are in process of contacting member countries for extending support to Pakistan’s membership in general and Russian Federation in particular,” the ambassador added.
In early October, Russian Deputy Foreign Minister Sergey Ryabkov announced that BRICS is gearing up to finalize a list of candidates for partner-state status before the upcoming summit in Kazan in 2024.
The official emphasized that, under Russia’s BRICS chairmanship, there is a focus on broadening the “circle of BRICS friends,” with special consideration given to outreach efforts in Latin America.
In the midst of the economic crisis, a recent study reported by Nikkei Asia indicates that in the last two decades, China has provided Pakistan with approximately USD 21 billion more in loans than initially estimated. The study further disclosed that Pakistan now holds the world’s largest energy portfolio funded by China.
BRICS welcomes new members, expanding partnerships for growth
BRICS, the association of five major emerging national economies initially formed as a four-nation club in 2009. IT expanded its membership after more than a decade, welcoming South Africa a year later. Now, under the acronym for Brazil, Russia, India, China, and South Africa, BRICS has embraced six new developing nations, marking a significant step in its evolution.
These member countries, recognized for their substantial impact on regional and global affairs, distinguish themselves through large and rapidly growing economies and significant populations. The recent expansion further diversifies BRICS’ representation and influence.
In August, Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates received invitations to become full members of BRICS, effective from January 1 next year. Over 40 countries had expressed their interest in joining BRICS, with 23 formally submitting applications for membership, Al Jazeera reported.
The expansion “opens up new avenues for trade,” said Karin Costa Vasquez, a non-resident senior fellow at the Center for China and Globalization in Beijing. One of the aims behind the planned expansion is “creating opportunities for BRICS nations to trade more easily with one another using local currencies,” Vasquez added.
“This shift could increase the potential for using currencies other than the US dollar, particularly by creating a network of countries that enhances the utility of their respective currencies.”
BRICS members meet annually to discuss economic development, trade, investment, and political cooperation, collaborating to address challenges and explore mutual growth opportunities
