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.

More On News:

• 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.

Why BRICS matters for Pakistan?

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

• 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

Source: Indian Express