Russia Deputy Prime Minister Alexei Overchuk said on Thursday that Moscow Brix i Pakistan will support the inclusion of
At a joint press conference with his Pakistani counterpart Ishaq Dar in Islamabad, Overchuk said: ‘We will support Pakistan joining the group,’ according to Reuters news agency.
The block of leading and emerging economies of the world includes Brazil, Russia, India, China and South Africa.
Last year, Saudi Arabia, Iran, Ethiopia, Egypt, Argentina and the United Arab Emirates were invited to become members to form BRICS Plus to expand the bloc, with the aim of intensifying its push for changes in the global order. .
Today, Deputy Prime Minister and Foreign Minister Ishaq Dar held a delegation-level meeting with Russian Deputy Prime Minister Overchuk at the Ministry of Foreign Affairs.
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According to the spokesperson of the Foreign Office, the parties reviewed all aspects of bilateral cooperation and agreed to further strengthen dialogue and cooperation in the fields of trade, industry, energy, connectivity, science and technology and education.
The two sides also agreed to continue cooperation at multilateral forums, including the United Nations and the Shanghai Cooperation Organization.
According to the Foreign Office, Deputy Prime Minister Overchak’s visit reflects the vision of Prime Minister Mohammad Shahbaz Sharif and President Vladimir Putin to transform bilateral relations into a solid, mutually beneficial economic partnership.
Earlier, Deputy Prime Minister of Russian Federation Alexey Overchuk arrived in Islamabad today on a two-day visit to Pakistan.
According to the Foreign Office, Pakistan’s Ambassador to Russia Muhammad Khalid Jamali and Additional Foreign Secretary (Europe) Shafqat Ali Khan received him at Islamabad Airport. Meetings of the Russian delegation with the President and the Prime Minister are also scheduled.
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#support #Pakistans #entry #BRICS #Russia
2024-09-19 08:41:12
What are the potential economic benefits for Pakistan from joining the BRICS bloc?
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Russia Backs Pakistan’s Inclusion in BRICS Bloc
In a significant development, Russia’s Deputy Prime Minister Alexei Overchuk has expressed his country’s support for Pakistan’s inclusion in the BRICS (Brazil, Russia, India, China, and South Africa) bloc. This announcement was made during a joint press conference with Pakistan’s Finance Minister Ishaq Dar in Islamabad on Thursday.
A Boost to Bilateral Ties
The move is seen as a major boost to bilateral ties between Pakistan and Russia, which have been strengthening in recent years. According to Reuters, Overchuk stated, “We will support Pakistan joining the group.” This endorsement comes at a time when Pakistan is seeking to diversify its economic partnerships and reduce its dependence on traditional allies.
BRICS: A Bloc of Emerging Economies
BRICS is a grouping of leading and emerging economies that aims to promote economic cooperation and play a more significant role in global governance. The bloc accounts for over 40% of the world’s population and 25% of global GDP. The inclusion of Pakistan in BRICS would not only enhance the country’s economic prospects but also provide it with a platform to engage with other emerging economies.
Expansion of BRICS
Last year, Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the United Arab Emirates were invited to join BRICS Plus, a move aimed at expanding the bloc and intensifying its push for changes in the global order. The expansion of BRICS is seen as a challenge to the traditional dominance of Western economies and a move towards a more multipolar world order.
Pakistan-Russia Cooperation
The meeting between Overchuk and Dar was part of a delegation-level meeting at the Ministry of Foreign Affairs in Islamabad. The two sides reviewed all aspects of bilateral cooperation and agreed to further strengthen dialogue and cooperation in areas such as trade, industry, energy, connectivity, science and technology, and education. They also agreed to continue cooperation at multilateral forums, including the United Nations and the Shanghai Cooperation Organization.
Transforming Bilateral Relations
The visit of Deputy Prime Minister Overchuk reflects the vision of Prime Minister Mohammad Shahbaz Sharif and President Vladimir Putin to transform bilateral relations into a solid, mutually beneficial economic partnership. Pakistan’s Ambassador to Russia Muhammad Khalid Jamali and Additional Foreign Secretary (Europe) Shafqat Ali Khan received Overchuk at Islamabad Airport.
Conclusion
Russia’s backing for Pakistan’s inclusion in BRICS is a significant development that has the potential to transform the country’s economic prospects. As Pakistan seeks to diversify its economic partnerships and engage with other emerging economies, this endorsement provides a major boost to its efforts. The strengthening of bilateral ties between Pakistan and Russia is a positive development that can contribute to regional stability and economic growth.
Keywords: Russia, Pakistan, BRICS, Economic Cooperation, Bilateral Ties, Emerging Economies, Global Governance.
Meta Description: Russia’s Deputy Prime Minister Alexei Overchuk has expressed support for Pakistan’s inclusion in the BRICS bloc, a move that can transform the country’s economic prospects.
Header Tags:
H1: Russia Backs Pakistan’s Inclusion in BRICS Bloc
H2: A Boost to Bilateral Ties
H2: BRICS: A Bloc of Emerging Economies
H2: Expansion of BRICS
H2: Pakistan-Russia Cooperation
H2: Transforming Bilateral Relations
* H2: Conclusion
– How will Russia’s support for Pakistan’s inclusion in BRICS affect regional trade dynamics?
Russia Backs Pakistan’s Inclusion in BRICS Bloc: A Potential Game-Changer for the Country’s Economy
In a significant development, Russia’s Deputy Prime Minister Alexei Overchuk has expressed his country’s support for Pakistan’s inclusion in the BRICS (Brazil, Russia, India, China, and South Africa) bloc. This move could have far-reaching implications for Pakistan’s economy, as it would provide the country with an opportunity to deepen its engagement with some of the world’s fastest-growing economies.
What is BRICS?
BRICS is a grouping of five major emerging national economies that came together to promote economic cooperation and mutual growth. The bloc was formed in 2009, and since then, it has been working towards creating a more equitable global economic order. The member countries of BRICS collectively represent around 40% of the world’s population and 25% of global GDP.
Pakistan’s Inclusion in BRICS: A New Era of Economic Cooperation?
Pakistan has been actively pursuing membership in BRICS, and Russia’s backing is a significant step forward in this regard. With Pakistan’s inclusion, the BRICS bloc would expand to six countries, with the potential to further expand to include other emerging economies.
The inclusion of Pakistan in BRICS would provide the country with an opportunity to tap into the bloc’s vast economic resources, expertise, and markets. This could lead to increased investment, trade, and economic cooperation between Pakistan and the other member countries.
Potential Economic Benefits for Pakistan
Pakistan’s inclusion in BRICS could lead to several economic benefits, including:
- Increased Trade and Investment: Pakistan could increase its trade with other BRICS member countries, which could lead to an increase in exports and imports. This could also attract foreign investment from other BRICS countries, leading to economic growth and job creation.
- Access to New Markets: BRICS member countries have a large consumer base, and Pakistan could gain access to these markets, which could increase its exports and revenue.
- Energy Cooperation: Pakistan could benefit from cooperation with other BRICS member countries in the energy sector, which could help address its energy shortages and reduce its reliance on imported energy sources.
- Infrastructure Development: Pakistan could benefit from investment and expertise from other BRICS member countries in infrastructure development, including transportation, telecommunications, and energy projects.
- Human Resource Development: Pakistan could benefit from cooperation with other BRICS member countries in the areas of education, science, and technology, which could lead to human resource development and capacity building.
Challenges and Opportunities
While Pakistan’s inclusion in BRICS presents several opportunities, there are also challenges that need to be addressed. These include:
- Competition: Pakistan would need to compete with other BRICS member countries, which could be challenging in certain sectors.
- Diversification of Economy: Pakistan would need to diversify its economy to take advantage of the opportunities presented by BRICS membership.
- Institutional Capacity: Pakistan would need to strengthen its institutions to effectively engage with other BRICS member countries and take advantage of the opportunities presented.
Conclusion
Russia’s backing of Pakistan’s inclusion in BRICS is a significant development that could have far-reaching implications for the country’s economy. While there are challenges that need to be addressed, the potential benefits of BRICS membership make it an opportunity worth pursuing. With careful planning, execution, and cooperation with other BRICS member countries, Pakistan could unlock its economic potential and achieve sustainable economic growth.
Keyword Tags: Russia, Pakistan, BRICS, Economy, Trade, Investment, Energy, Infrastructure, Human Resource Development.
