Pakistan Eyes BRICS Membership to Boost Regional Trade and Investment

Pakistan is actively seeking to join BRICS as part of its broader push to expand regional connectivity, diversify trade routes, and attract sustainable, investment-led growth, Finance Minister and Revenue Senator Muhammad Aurangzeb revealed in recent interviews. Speaking to Russia’s RIA Novosti, Aurangzeb emphasized that Pakistan, already an active member of the Shanghai Cooperation Organization, could contribute constructively to BRICS and is exploring alternative cross-border payment systems as its engagement with the bloc evolves. In separate interviews with Azerbaijan’s Report Information Agency and RIA Novosti, Aurangzeb outlined Pakistan’s economic agenda, placing macroeconomic stability, trade expansion, and investor confidence at the center of policy. He said Pakistan’s traditionally strong political ties with Azerbaijan are now translating into concrete economic engagement, with Azerbaijan indicating interest in investing close to USD 2 billion in Pakistan, particularly in energy, oil and gas, and minerals and mining. The finance minister stressed that any financial support from Azerbaijan would be structured to facilitate trade and investment rather than aid, potentially including central bank placements or project-linked financing to support Azerbaijani investors in Pakistan. He also highlighted opportunities for cooperation in digital services, artificial intelligence, fintech, and cybersecurity, noting Pakistan’s steady progress toward a more digital economy. Aurangzeb underscored the growing importance of South-South cooperation as global trade faces increasing stress, and pointed to the potential for new trade and transport corridors linking Pakistan, Central Asia, and Azerbaijan. He said financial tools such as guarantees, export credit mechanisms, banking linkages, and Islamic finance would be critical to scaling up bilateral trade and investment. On investor facilitation, Aurangzeb said maintaining macroeconomic stability remains the government’s top priority, with foreign exchange reserves steadily improving and nearing coverage of almost three months of imports, a key requirement for investor confidence. He added that sovereign guarantees and export credit agency support could be considered for viable projects. Turning to digital assets, Aurangzeb said the central bank is assessing digital currencies in light of the large number of Pakistanis involved in cryptocurrency activity. The government aims to bring the sector into a regulated framework through a dedicated virtual assets regulatory authority, while managing risks related to capital flows, compliance, and anti-money-laundering. Aurangzeb also highlighted the economic potential of artificial intelligence, especially in agriculture, finance, healthcare, and digital infrastructure. He said Pakistan’s large freelancer base could benefit from higher productivity and incomes through AI adoption, and expressed interest in learning from Russia’s experience in using AI in public finance and budgeting. On regional connectivity, the finance minister emphasized the importance of trade corridors, including the International North-South Transport Corridor, to support resilient trade flows amid global uncertainty, and identified energy, oil and gas, minerals, mining, and industrial cooperation as priority sectors.