Russian Deputy Prime Minister Alexei Overchuk confirmed that Russia will support Pakistan's bid to join BRICS if decided. Overchuk made this statement during a joint press conference with Pakistan's Foreign Minister Ishaq Dar in Islamabad.
Joint Press Conference
When asked whether Russia would allow Pakistan to join the leading global block of emerging economies, Overchuk confirmed the support. BRICS, comprising China, Russia, India, Brazil, and South Africa, aims to create favorable opportunities for developing countries against Western economies. The bloc has already invited countries like Argentina, Saudi Arabia, the United Arab Emirates, Ethiopia, and Egypt to join. Many other countries, especially from Africa, the Middle East, and Asia, are also considering membership.
Strengthening Economic Ties
Overchuk’s visit to Pakistan is part of plans by President Vladimir Putin and Prime Minister Shehbaz Sharif to enhance bilateral relations between the countries. The Russian Deputy Prime Minister praised Pakistan's move to apply for BRICS membership and the bloc's growth over recent years. Overchuk also noted that trade between the two countries reached over 1 billion U.S. dollars in 2023. Representatives from both nations agreed to develop cooperation in areas such as energy, science, technology, education, and trade. Climate agenda, food security, and energy security were also discussed.
Potential Use of BRICS Pay
Many are wondering if Pakistan will adopt BRICS Pay if it joins BRICS. The blockchain-based payment system, announced in March this year, is expected to launch in October. The BRICS payment system aims to revolutionize global payment systems by offering more efficient and secure alternatives to Western gateways. Viktoria Panova, Head of the Russian BRICS Presidential Council, believes the system will be a strategic tool for strengthening relationships within the block and increasing BRICS's influence over international monetary policies.
Thus, ongoing initiatives and announcements indicate significant potential for strengthening economic and political ties between Russia and Pakistan, along with new opportunities through Pakistan's involvement in BRICS.
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