GlobalWhy Pakistan wants to join BRICS What are the benefits of association...

Why Pakistan wants to join BRICS What are the benefits of association along with four Muslim countries Saudi Arabia Iran UAE Egypt – International news in Hindi – Why does Pakistan want to join BRICS, what are the benefits of association along with four Muslim countries?, Foreign News

Pakistan has applied to get membership of BRICS, a group of five rapidly emerging economies on the world map. Pakistan’s newly appointed Ambassador to Russia Muhammad Khalid Jamali had recently said that his country is contacting other BRICS members including Russia to garner support for getting BRICS membership. Russia will host the 16th BRICS summit in 2024.

Earlier this year, in the 15th summit, the membership of six new countries was approved. The six countries becoming new members of BRICS include Saudi Arabia, United Arab Emirates, Iran, Ethiopia, Egypt and Argentina. Of these six countries, four are Muslim countries. Their membership will start from January 2024. Keeping this in mind, Pakistan has also applied to the neighboring country Russia which is presiding over the conference next year and has sought its support on this issue. Pakistan has also sought cooperation from China in making it a member country.

The population of BRICS countries will increase to almost 50 percent.
Since, almost all the neighboring countries of Pakistan – India, China, Iran are – or will soon be – members of BRICS. Therefore, South Asian country Pakistan also wants to be a part of this group. BRICS currently consists of Brazil, Russia, India, China and South Africa. If Pakistan also becomes a member country of BRICS, then it will become a part of that strong economic system where about 40 percent of the world’s population resides. After six new countries become members, the total population of 11 BRICS countries will reach 3.7 billion, which is about 50 percent of the world’s population.

Why is Pakistan wanting membership?
Since its establishment in 2001, BRICS aims to promote cooperation, economic development and influence among member countries. A primary advantage of joining BRICS is its collective economic strength. Member countries, with their large populations and abundant resources, collectively contribute significantly to the global gross domestic product (GDP).

Pakistan is burning with the flame of five, why are the lives of Chinese people in danger due to the unity of separatist organizations?

At present, the combined contribution of five BRICS countries (Brazil, Russia, India, China and South Africa) to the world GDP is 31.5%. With its new members, the organization is expected to contribute more than 50% to global GDP by 2030, much more than the contribution of the G7 countries (Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States). will be.

What are the benefits to Pakistan?
In such a situation, for Pakistan, the biggest advantage of becoming a member country of BRICS will be the impact of the combined economic strength of these countries. Due to the emerging economy of BRICS countries and increasing economic influence in the world, Pakistan, as a member country, will be able to influence international financial institutions and gain the ability to negotiate more favorable terms in trade relations.

Dr. Shahid Rashid, former manager and analyst at Engro Corporation, told Sputnik that becoming a BRICS member could help Pakistan reduce its dependence on traditional Western markets and give it an opportunity to tap into the growing consumer base of other members. Is. He said, “The policies of the US and its Western allies are not based on the prosperity of developing economies – but on hegemony and control, whereas, BRICS, which consists mostly of developing countries, aims to achieve economic prosperity.”

bank of bric countries
The purpose of setting up the New Development Bank (NDB) by the BRICS member countries is to support infrastructure and sustainable development projects in the emerging economies of the partner countries. In such a situation, if Pakistan becomes a member country of BRICS, then it can get direct benefits of NDB’s initiative to promote economic development and financial prosperity.

oil game too
Apart from this, the joining of big oil producing countries like Saudi Arabia, UAE and Iran in BRICS next year will gradually reduce the dependence on US dollar globally and there is talk that BRICS countries will introduce their own currency for trade. Can.

According to an analyst, “BRICS may soon trade in gold or its own currency and this could bring endless benefits to Pakistan as it could provide more opportunities to develop and strengthen bilateral trade relations with these oil-rich countries.” Is.” Apart from this, Pakistan becoming a member can bring more investment there, which will increase job opportunities in Pakistan and reduce unemployment and poverty there.

Daily Global Times
Daily Global Times
Daily Global Times provides the latest news from India and around the world. Read the latest headlines and news stories, from Politics, Entertainment, Tech and more.

Related Article

Editors Picks