Russia backs Pakistan's BRICS bid

Deputy prime ministers of both countries discuss North-South Transport Corridor

ISLAMABAD:

Moscow would back Islamabad's bid to join BRICS, a grouping of five emerging economies, announced Russian Deputy Prime Minister Alexei Overchuk on Wednesday.

Russian Deputy Prime Minister Alexei is on a two-day visit to Islamabad. On the first day, he held formal talks with Deputy Prime Minister and Foreign Minister Ishaq Dar and separately met Army Chief General Syed Asim Munir.

Speaking at a news conference along with Dar, the Russian Deputy Prime Minister said Moscow would favour Pakistan's inclusion in BRICS.

BRICS is an acronym for a group of five major emerging economies: Brazil, Russia, India, China, and South Africa. Initially, it was just BRIC (without South Africa), and the term was coined in 2001 by economist Jim O'Neill. The countries in this group are known for their significant influence on regional and global affairs, particularly due to their fast-growing economies.

The bloc last year invited Saudi Arabia, Iran, Ethiopia, Egypt, Argentina and the United Arab Emirates to become members, in a move aimed at accelerating its push to reshuffle a world order it sees as outdated.

"We would be supportive of it," Overchuk said in response to a question about Pakistan's request to become part of the grouping of the world's leading emerging market economies.

China is also keen to see Pakistan part of BRICS. However, given decisions are taken with consensus, India could be a major stumbling bloc for Pakistan's bid.

The Russian Deputy Prime Minister also discussed with his Pakistani counterpart the North South Transport Corridor (NSTC), Moscow's initiative to connect its economy with Asian countries. Russia is keen Pakistan joins the initiative.

He said he discussed with Dar the benefits of joining NSTC along with the Belt and Road Initiative (BRI).

"During the meeting, we have discussed opportunities of a Free Trade Agreement with Pakistan and five other countries," Overchuk said further.

Dar said Russia and Pakistan agreed to expand connectivity by rail and road links.

"Pakistan is extremely grateful for Russian support in our bid for BRICS membership," Dar told reporters.

A statement issued by the foreign office said the two sides discussed the entire spectrum of bilateral cooperation and noted the positive momentum in Pakistan-Russia relations over the last two decades. They agreed to pursue robust dialogue and cooperation in areas of trade, industry, energy, connectivity, science, technology and education.

Deputy Prime Minister Dar expressed Pakistan's desire to intensify bilateral, political, economic and defence dialogue with the Russian Federation.

The two sides also agreed to continue coordination on multilateral fora including at the United Nations and the Shanghai Cooperation Organization.

The two deputy prime ministers agreed to maintain close cooperation in all areas of mutual interest.

Overchuk's visit is taking place in pursuance of the vision of Prime Minister Mohammad Shehbaz Sharif and President Vladimir Putin on transforming bilateral relations into a solid, mutually beneficial economic partnership.

Russian Deputy Prime Minister confirmed that Russian Prime Minister would attend the SCO meeting scheduled to take place in Islamabad next month.

Meanwhile, Pakistan and Russia signed an MOU of bilateral cooperation in the domain of economy and trade at a ceremony held at the Ministry of Foreign Affairs, Islamabad and witnessed by the two deputy prime ministers.

The MoU between Pakistan Mercantile Exchange (PMEX) and Saint Petersburg International Mercantile Exchange (SPIMEX) was signed by Acting Managing Director PMEX Farhan Tahir from the Pakistan side and by President SPIMEX Igor Artemyev from the Russian side.

Pakistan also announced its accession to the MoU on Creation and Development of International Transport Corridor Belarus-Russia-Kazakhstan-Uzbekistan-Afghanistan-Pakistan.

The instrument of accession was signed by Secretary Ministry of Communication, Ali Sher Mahsud from the Pakistan side.

Meanwhile, Deputy Prime Minister of the Russian Federation Alexey Overchuk paid a courtesy call on Chief of Army Staff (COAS) General Syed Asim Munir at the General Headquarters. During their meeting, they engaged in productive discussions on matters of mutual interest, regional security dynamics, and bilateral cooperation across various sectors, the ISPR said.

The COAS reiterated Pakistan's commitment to fostering traditional defence ties with Russia. Both sides reaffirmed their resolve to strengthen security and defence cooperation in multiple domains.

The visiting dignitary praised Pakistan's armed forces' pivotal role in combating terrorism and their tireless efforts to promote peace and stability in the region.