The world has been witnessing transformed geopolitical turn. The wars are no more priority of the major powers. Economic diplomacy and competition are emerging as potential prospects to cope with the challenges, emanating from social and political issues. The role of regional organizations such as BRICS, SCO, GCC, ASEAN etc have increased immensely in order to take the path of progress and prosperity. Global organizations such as UN have failed to maintain peace and conflict-free globe due to the division and rivalry of major powers. In this regard, regional organizations have started playing their roles for better economic and political opportunities. Role of regional organizations is not limited to only discuss the socio-political issues. They are cooperating with developing countries and facilitating them in their quest for better economic opportunities. The regional organizations are now suggesting common fund under their ambit to work for the development of less-developed countries. BRICS is practical example of this debate.
BRICS is important for several reasons, largely stemming from its economic, political, and geopolitical significance. BRICS nations are some of the largest and fastest-growing economies in the world. Collectively, they represent a significant portion of global GDP and population. Their economic growth and potential have garnered international attention. BRICS countries have the potential to reshape the global economic landscape. Their combined economic clout gives them leverage in international economic forums and negotiations, allowing them to advocate for their interests and perspectives.
BRICS countries often collaborate on projects that promote development and infrastructure. They have established the New Development Bank (NDB), formerly known as the BRICS Development Bank, to fund infrastructure and sustainable development projects in member countries and other emerging economies. The sheer size of BRICS economies makes them attractive markets for trade and investment. By cooperating, these countries can enhance bilateral and multilateral trade agreements, opening up opportunities for businesses and boosting economic growth.
BRICS nations challenge the traditional dominance of Western powers in international relations. Their cooperation provides a platform for discussing and addressing global issues from a perspective that’s different from that of traditional power centers. BRICS allows its member states to collaborate on various diplomatic and political matters, ranging from climate change to security concerns. It provides a forum for dialogue and cooperation on pressing global challenges. The BRICS nations are diverse in terms of geography, culture, and political systems. This diversity brings a range of viewpoints to the table, enriching discussions and potentially leading to innovative solutions.
The block also represents an example of “South-South cooperation,” wherein developing countries collaborate to address common challenges and share experiences. This approach can lead to more equitable global development and cooperation. BRICS countries aim to reform global governance structures, such as the United Nations Security Council, to better reflect contemporary realities. Their collective influence can contribute to shaping international institutions to be more representative and effective. BRICS nations promote cultural and educational exchanges, fostering better understanding and collaboration among their people. This can lead to increased people-to-people connections and stronger relationships.
Recently, the debate has started over the expansion of the block for further economic opportunities. It is being projected that KSA, UAE and Indonesia are likely to join the group soon. Some reports are suggesting that Russia may offer Pakistan to join the block at next year’s summit, which will be heled in Moscow. This is indeed a positive development for Pakistan owing to its economic situation. If Pakistan joins the group, it will get maximum economic benefit out of it because the group has huge potential for economic activities.
Likewise, if Pakistan were to join BRICS, it could potentially benefit in several ways. Joining BRICS could open up economic opportunities for Pakistan. The country could engage in increased trade and investment with the other member states, benefiting from their large and growing economies. Pakistan’s goods and services could find new markets within the BRICS nations. As a member of BRICS, Pakistan could access funding from NDB, which finances infrastructure and development projects in member countries. This could help Pakistan address its infrastructure and development needs.
BRICS membership could enhance Pakistan’s geopolitical influence by providing a platform to collaborate with other emerging economies on global issues. This collaboration could allow Pakistan to have a stronger voice in international forums and negotiations. Becoming a BRICS member could offer Pakistan an opportunity to diversify its diplomatic and economic relationships. This could help reduce its reliance on a few traditional allies and open up new avenues for cooperation. As a BRICS member, Pakistan could potentially advocate for reforms in global governance structures to better represent developing countries’ interests. This could lead to a more equitable international order.