Pakistan Applies For BRICS Membership

GS Paper II International Relations

Context:

Pakistan has filed an application to join the BRICS group of nations in 2024 and is counting on Russia’s assistance during the membership process.

Pakistan’s application came as the grouping of emerging economies was set for its biggest expansion with six new members under Russia’s rotating Presidency in 2024.
- New Members: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE) as new members formally admitted to the BRICS summit-2023 held in South Africa. However, they will formally join during the 2024 summit in Kazan, Russia.

Economic Opportunities: Pakistan, is currently facing its worst economic and political crisis Joining BRICS could open up economic opportunities for Pakistan.

New Development Bank (NDB):

It is a multilateral development bank established by BRICS during the Summit held in Fortaleza on July 15, 2014, and the Bank started operations on July 21, 2015.
Aim: To mobilize resources for infrastructure and sustainable development projects in BRICS countries and other emerging economies and developing countries.
To complement the existing efforts of multilateral and regional financial institutions for global growth and development.

BRICS Contingent Reserve Arrangement (CRA):

The CRA is a US$100 billion pooled reserve fund that has its origins in the fifth BRICS Summit hosted in Durban.
The CRA was set up to help emerging nations deal with liquidity shortages and to strengthen financial systems during crisis.
It complements existing international arrangements (from IMF) as an additional line of defence.

Access to Contingent Reserve Arrangement (CRA): Pakistan if allowed in BRICS, can easily access the USD 100 billion CRA and the comparatively lenient loan conditions of the New Development Bank(NDB), without improving the functioning of the Pakistani state.
Dissatisfaction with West-led Institutions: This inclination toward BRICS is rooted in developing nations’ dissatisfaction with the stringent conditions imposed by Western-dominated institutions.
- Additionally, there is skepticism among these countries about Western values, viewing them as a façade to advance self-serving agendas.
Geopolitical Leverage: The BRICS membership could boost Pakistan’s geopolitical leverage by providing a platform to collaborate with other emerging powers on global issues.
Pakistan as a terror sponsor state: By joining BRICS, Pakistan could divert its security-oriented approach to foreign policy in line with the BRICS manifesto.
About BRICS: It consists of Brazil, Russia, India, China, and South Africa, which was previously known as BRIC before South Africa’s inclusion in 2010.
For More information: BRICS Expansion