India hosts global leaders here, Pakistan still waits for BRICS

NEW DELHI: The 18th BRICS Summit, a grouping of developing countries, begins on Saturday at Bharat Mandapam in New Delhi. Brazil, Russia, India, China and South Africa are the members of BRICS. Egypt, Ethiopia, Iran and the UAE were given membership last year, expanding the grouping into BRICS Plus. Pakistan applied for membership in 2023, but India blocked its admission by using its veto power.

Along with Pakistan, 29 other countries have also applied for membership and are waiting. Pakistan's economic crisis is another challenge to its bid for membership. According to the Pakistan Economic Survey, the country's present GDP growth rate is only 3.70 percent. Pakistan has acquired a $580 million stake in the BRICS-backed New Development Bank. The move is aimed at reducing the country's dependence on the World Bank and the International Monetary Fund (IMF). Pakistan applied for membership, pointing of having a very good relationships with most of the BRICS countries.

Pakistan can play an important role in increasing international cooperation and revitalising an inclusive multilateral cooperation system by becoming part of BRICS, Pakistani Foreign Office spokesperson Mumtaz Zahra Baloch said. She also expressed hope that BRICS would accept Pakistan's request for membership.

BRICS Plus represents 49 percent of the world's population and accounts for 40 percent of global GDP. India's trade with BRICS countries has also increased. India's exports to BRICS Plus member countries have grown by 48.8 percent.