Russian Deputy Prime Minister Alexei Overchuk confirmed that Russia would support Pakistan if it decides to join BRICS. The Deputy Prime Minister relayed the news during a joint press conference with Pakistan’s foreign minister, Ishaq Dar, held in Islamabad during a two-day visit to Pakistan.
Alexei responded after being asked whether Russia would allow Pakistan to join the world’s leading collaboration of emerging economies. The bloc, built by China, Russia, India, Brazil, and South Africa, aims to create a fighting chance for developing countries against Western economies.
BRICS has invited countries such as Argentina, Saudi Arabia, the United Arab Emirates, Ethiopia, Egypt, and others to join. Many countries are also considering joining BRICS, especially in Africa, the Middle East, and Asia.
Overchuk’s visit to Pakistan is part of President Vladimir Putin and Prime Minister Shehbaz Sharif’s plans to improve bilateral relations between the two countries. The Russian Deputy Prime Minister further appreciated Pakistan’s move to apply for membership in the BRICS and the bloc’s growth over the past few years.
Pakistan and Russia to improve economic relations
Russia announces it supports Pakistan joining BRICS. pic.twitter.com/I5mNJcckM7
— Globe Eye News (@GlobeEyeNews) September 18, 2024
Overchuk explained during the press conference that the two countries wanted to bolster their economic relations. The Russian Deputy Prime Minister mentioned that trade between the two countries had reached over 1 billion U.S. dollars in 2023. As such, improving logistics and expanding trade ties between the two countries is a significant priority for both nations.
The countries’ representatives agreed to robust dialogue and multiple areas of cooperation, including energy, connectivity, science, technology, education, and trade. The two countries further agreed to develop and achieve other goals, including climate agenda, food security, and energy security. Overchuk and Ishaq confirmed that the plans discussed would create a mutually beneficial economic relationship that improves the economic situation in both countries.
Overchuk also divulged possible trade relations between Pakistan and the Eurasian Economic Union, which includes Russia, Caucasia, Kazakhstan, Belarus, and Armenia. The Russian Deputy Prime Minister explained that the country was looking forward to more discussions that could lead to the possible finalization of the trade agreement between Pakistan and the five countries.
Russia and Pakistan’s relationship has greatly improved since the Cold War. The two countries have been involved in military exercises since 2016, and Russia is also considering opening arms trade with Pakistan.
Pakistan could leverage BRICS Pay
Many are speculating whether Pakistan will adopt BRICS Pay as a potential member of the BRICS. The blockchain-based payment system announced in March this year is expected to roll out in October.
According to BRICS countries, the BRICS payment system aims to change payment systems globally by offering more efficient and secure systems than Western gateways. BRICS Pay will use BRICS’ new currency, which is backed by gold.
BRICS Pay has about 159 countries willing to leverage the payment system after its launch. The Russian Central Bank governor, Elvira Nabiullina, expects that the existing messaging infrastructure in Russia will help connect BRICS Pay to other countries with similar systems.
The Head of the Russian BRICS Presidential Council, Viktoria Panova, believes that the payment system will be a strategic tool to strengthen relationships within BRICS. The blockchain-based platform could also Increase BRICS’s power to change international monetary policies. Panova insisted that the BRICS Pay issue was crucial to all BRICS members and was high on the bloc’s agenda.