By Zulkafil Hassan Khan
Pakistan has submitted a formal application to join BRICS which is considered the main bloc of the Global South. Initially consisting of Brazil, Russia, India, China, and South Africa the group had decided to expand this year by deciding to add Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the United Arab Emirates. This makes the bloc a threat to the global hegemony of the United States and a challenge to the global dominance of the western powers.
Pakistan’s decision to join BRICS highlights the importance of BRICS in the current global setup. It is an acknowledgment of the increasing influence of the coalition and the contribution that it has in the realm of global economics.
In this regard, Pakistan is confident that its application for becoming a member of the group will be considered in positive light in the next summit in Moscow. Islamabad counts on the support of Russia and its ally China for seeking entry into the group.
Experts state that it is indeed China that desires to integrate Pakistan into the BRICS coalition. Chinas has been stressing that more developing countries should be involved in the alliance and this reasoning is being used to advocate Pakistan’s entry into the alliance.
However, despite Chinas goodwill, Pakistan’s entry into the coalition would face serious resistance from its long standing foe, India. Pakistan has already accused “one member” of obstructing its way into the alliance and experts are of a view that the “member” is India.
The decision to include members is made through consensus therefore Pakistan entry into BRICS remain a concern as it has to be seen whether India will give consent or not. Moreover, Pakistan economic woes might be the biggest hurdle in its quest to get the membership of the alliance.
Despite being called a developing economy Pakistan has faced serious economic challenges in the recent years. The country is dealing with an inflation of over 30%, is reliant upon IMF bailout and the current political further exacerbates the economic situation. Pakistan’s current struggles in the economic arena would place it in a disadvantaged position for securing the membership.
In this multipolar world, the BRICS bloc is a mighty force that seeks to foster economic integration and enhance the member’s political influence in the world.
The alliance promote and strengthen the spirits of multiculturalism, economic equality and sustainability, socioeconomic prosperity and integration and last but not the least abstention from maneuvering in the realms of power politics.
As of 2023, the group represents 41% of the global population and 31% of the global GDP, surpassing G-7 representation of the global GDP, and represent 16% of the global FDI net inflows in 2022. It is predicted that BRICS by 2050 would dominate the global economic system and would be the most influential in the existing global order.
The bloc shares common objectives pertaining to economic growth, financial stability and dealing with regional challenges. Pakistan could greatly benefit from becoming a member of the bloc.
The inclusion of Saudi Arabia, UAE, Egypt and Iran, Ethiopia would further increase BRICS share in global services trade will increase to 15% from 12 and their share in the global forex reserves will also be increased. This provides Pakistan with an opportunity to improve its current economic situation as Pakistan could foster socio economic relations and develop healthy trade ties with the member nations.
According to various published reports the current share of the BRICS in global oil production is 43% which will be further increased up to 46-50% and their oil intake share will jump from 27% to 36% which means larger role of the BRICS at international stage even western media termed it “BRICS Plus OPEC” group after the inclusion of the six new countries.
Moreover, the BRICS consists of US$56.65 trillion (32.5% of global GDP PPP), and more than US$4.46 trillion in combined foreign reserves, opening new window of opportunities for the six new countries for immense socio-economic integration, greater financial integration and sustainable international settlements. Similarly, their share in global services trade will increase to 15% from 12 and their share in the global forex reserves will also be increased.
In summary, it is believed that by joining BRICS Pakistan can play an important role in furthering international cooperation and revitalising inclusive multilateralism. It also hopes that BRICS will move forward on Pakistan’s request in line with its commitment to inclusive multilateralism.
Pakistan would like to be part of this important organisation and it is in process of contacting member countries for extending support to Pakistan’s membership in general and Russian Federation, in particular.
It fears that the path forward for Pakistan now is quite challenging and a long one. It involves a significant degree of politics among the founding members on induction of new members. Pakistan’s case is particularly beset by Indian opposition, which could depend on the health of the India-China relationship.
The author is Youth Ambassador at the Institute of Legal Studies, Lahore.
