Pakistan’s formal application for BRICS membership

Pakistan has formally sought to join the BRICS club of emerging countries. During her weekly news briefing in Islamabad, Pakistan's Ministry of Foreign Affairs (MoFA) Spokesperson, Mumtaz Zahra Baloch, reaffirmed Pakistan's desire to join BRICS. The decision was made after taking notice of BRICS-related events at the recent meeting in Johannesburg, according to the spokeswoman. Pakistan hopes to join the club of developing countries under Russia's leadership in 2024. Previously, China has signaled that it might be willing to offer Pakistan membership. Meanwhile, India has said that it fully supports the expansion of the BRICS organization. However, India has not remarked particularly on Pakistan's ambition to join the group.

What is BRICS?

• BRICS is an abbreviation representing the world's top rising economies, which include Brazil, Russia, India, China, and South Africa.
• British economist Jim O'Neill invented the phrase BRIC in 2001 to refer to the four emerging economies of Brazil, Russia, India, and China.
• The association was formalized during the inaugural BRIC Foreign Ministers conference in 2006.
• South Africa was asked to join BRIC in December 2010, after which the abbreviation BRICS was created.
• The BRICS group brings together five of the world's major developing countries, comprising 41% of the global population, 24% of global GDP, and 16% of global commerce.
• The chairperson of the group is rotated among the members on a yearly basis, using the abbreviation BRICS.
• India served as the host country for the BRICS Summit in 2021.

15th BRICS summit

• The 15th BRICS summit, held by South Africa in Johannesburg, is crucial in light of geopolitical shifts and global economic dynamics.
• Theme of 15th BRICS Summit- BRICS and Africa: Partnership for Mutually Accelerated Growth, Sustainable Development and Inclusive Multilateralism.

BRICS Expansion

• BRICS celebrated its 15th summit by increasing its membership from five to eleven nations, demonstrating a determined effort to improve its global status.
• BRICS has sent invitations to Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates to join. 
• Their membership will take effect on January 1, 2024, under Moscow's alternating chairmanship of the summit.
• Full membership of these countries will be implemented on January 1, 2024.
• Before the forthcoming summit in Kazan in 2024, the BRICS countries intend to agree on a list of applicants for partner-state status.

New Development Bank

• The New Development Bank is a global development bank formed by the BRICS countries in 2014 during the 6th BRICS Summit in Fortaleza, Brazil.
• The heads of state signed the Agreement creating the New Development Bank during the Sixth BRICS Summit in Fortaleza (Brazil) in 2014.
• It was established to help infrastructure and sustainable development activities in the BRICS and other underdeveloped emerging economies in order to achieve speedier growth via innovation and cutting-edge technology.
• Its headquarters are in Shanghai, China.
• The NDB was granted observer status in the United Nations General Assembly in 2018, laying the groundwork for active and effective engagement with the UN.