With the 2024 Annual Summit arriving next month, Pakistan could be poised to join BRICS and adopt the alliance’s new currency system in 2024. Russia has recently voiced its support for the country’s inclusion in the economic bloc, according to Moscow’s Deputy Prime Minister Alexie Overchuk.
In 2023, the alliance welcomed four new members in its first expansion effort since 2001. Specifically, the United Arab Emirates (UAE), Egypt, Iran, and Ethiopia become official members. Although expansion has been debated among current member countries, there is no shortage of nations interested in joining.
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Pakistan Eyes BRICS Inclusion as Key Nation Lends Its Support
Source: Valery Sharifulin (TASS)
The BRICS economic alliance is headed toward its most important summit year. After notable de-dollarization efforts in recent years, the bloc is looking to take a massive step forward this year. Moreover, it has continued to debate the merits of further expansion, with the OCtboer event inching closer.
Now, another key nation has expressed interest in joining the bloc. Specifically, Pakistan has spoken about its desire to join BRICS and embrace its new currency in 2024. More importantly, Russia has voiced its support for the nation’s inclusion.
“We would be supportive of it,” Russia’s Alexie Overchuk said in a new Reuters report, regarding the country’s bid to join. The Russian official is currently on a visit to Islamabad, where he conducted a joint press conference with Pakistan Foreign Minister Ishaq Dar.
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The two nations are reportedly discussing increased trade efforts amid Western sanctions. Pakistan’s inclusion into BRICS would provide yet another country set to adopt the alliance’s impending financial infrastructure.
The BRICS payment system has long been in development and may be set to debut at the upcoming summit. The blockchain-based system is said to be the global south’s answer to the West’s SWIFT. Moreover, it should only fast-track de-dollarization efforts for participating countries.
Alternatively, the bloc is said to be developing its native trade currency. Backed by gold, it would be another effort to supplant the dominance of the US dollar. Either way, Pakistan’s presence in BRICS would see it likely partake in any number of these initiatives.