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A Symbol of Liberation and Struggle
October 23, 2024
Mehran Khan
In November 2023, Pakistan officially applied for membership in BRICS, a pivotal decision made by the government of Pakistan to join the BRICS Bloc. As the world is relocating towards a multipolar order, this decision deliberates Pakistan’s strategic desire and signifies its drive to escape the trap of Western financial hegemonic power.
By joining BRICS, Pakistan will stand with BRICS members Brazil, Russia, India, China, and South Africa concerning enhancing trade, counterterrorism, growth in green energy, utilizing new technology tools, expansion in IT sectors, and reducing climate-induced.
UPCOMING BRIC SUMMIT IN KAZAN, RUSSIA
Russia is going to host the BRICS summit from October 22–24, 2024. It will be a vital moment for Pakistan because Pakistan’s membership is expected to be formally accepted during the summit. During the official visit of Russia’s Deputy Prime Minister Alexei Overchuck to Islamabad on 18-19 September 2024, he expressed Russia’s support for Pakistan and ensured the acceptance of Pakistan’s membership in the BRICS.
Pakistan’s decision to join BRICS signifies its strategic shift to escape Western financial hegemony and align with emerging economic powers.
It will be a milestone moment for the diplomatic journey of Pakistan. This membership symbolizes an economic opportunity and signifies a strategic essential towards a balanced global order. Pakistan’s membership not only helps redefine its representation in international affairs but also aligns itself with a coalition of emerging economic powers.
In 2001, an economist named Jim O’Neil wrote a research paper known as “Building Better Global Economics.” In which he stated that now the world should make a multilateral organization that ensures peace and prosperity and counters the Western political and economic hegemonic institute.
In 2008, the Global Financial Crisis occurred in the world, which exposed the vulnerabilities of the existing economic order. In 2009, initially, four countries had taken steps towards making the bloc BRIC, including Brazil, Russia, India, and China. Later in 2011, South Africa joined, then became BRICS.
The main intent of this coalition is to promote mutually beneficial economics, foster trade relations and cooperation among member states, and provide a platform for mediation, negotiation, and dialogue.
BRICS membership could help Pakistan reduce its reliance on IMF loans and enable trade in local currencies, offering economic independence.
Each BRICS member state is acknowledged for its different commodities and innovations, such as Brazil for the agriculture sector, China for industrial potential, India for the information technology center, Russia for natural resources gas, and oil, and South Africa for naturally occurring mineral resources. With a coalition with BRICS members, Pakistan can enhance its intense threshold in various fields, enriching its economy and shrinking reliance on the traditional market.
In 2023, BRICS was more expanded with other six member countries, such as Argentina, Ethiopia, Egypt, Iran, Saudi Arabia, and the UAE. It can be scrutinized that BRICS is going to develop new blocs that can challenge Western influence in the world. The reason for expanding BRICS for ensure multilateralism, de-dollarization, and new institutions that counter the IMF and World Bank.
Pakistan is addicted to the IMF’s loan; it has sought it 23 times and is counted as the fifth-largest debtor after Argentina, Egypt, Ukraine, and Ecuador. After the joining of BRICS, Pakistan can reduce the cycle of dependency of IMF loans for the future. It will also get a platform that allows Pakistan to engage in trade and use foreign direct investment in local currencies in place of U.S. dollars.
Through BRICS, Pakistan can enhance its “Look Africa Policy” by accessing African markets, boosting exports, and attracting foreign direct investment.
Pakistan has been suffering from an energy crisis for a decade, caused by load-shading in electric cities and high prices of petroleum and CNG. Further, Pakistan can get benefit from BRICS memberships to overcome the energy crisis through free energy trade with BRICS nations.
BRICS states have also committed to a plan to prioritize clean energy and sustainable practices. By adopting sustainable clean energy, Pakistan not only alleviates the shortage of energy but is also considered a global sustainable nation.
However, Pakistan has introduced the “Look Africa Policy” in 2017. Pakistan’s engagement is weak regarding this policy with African states; therefore, by joining the BRICS, Pakistan can get the opportunity to access new markets in Africa. With the BRICS members, Pakistan can work together to foster intra-group trade with African nations; Pakistan can boost its exports and invite foreign direct investment from developed African nations, which will be the root for Pakistan to explore strong relations with African nations because the African continent is already filled with natural resources such as energy and minerals.
Collaboration with BRICS nations provides Pakistan an opportunity to strengthen its security infrastructure and combat terrorism through collective intelligence-sharing.
Furthermore, Pakistan has also had a major issue of terrorism since the 9/11 terror attack, which is a significant concern for Pakistan to counter terrorism and regional stability. Collaboration with BRICS nations could enhance Pakistan’s security skeleton through collective efforts and sharing intelligence that will be best practices in combating terrorism. It will also lead to the improvement of security measures and regional stability of Pakistan.
Pakistan has taken a bold step by applying for BRICS memberships. This membership will allow Pakistan to achieve independence in the economy, combat terrorism, boost international cooperation, and improve relations with neighboring countries such as India and Iran. Pakistan can advocate any critical matter, global challenges, and severe geopolitical tension with collaborative efforts. As the world is moving towards multi-polarity, Pakistan’s entry into the BRICS could smooth the way for a sustainable and secure future.
The author is pursuing his BS degree in International Relation from University of Sindh, Jamshoro. He can be reached at mehranjarwar0@gmail.com
