Pakistan has reiterated its desire to join the BRICS grouping, with Finance Minister Muhammad Aurangzeb saying the country could play a constructive role within the bloc as it expands engagement with regional and global partners.
In interviews with Russia’s RIA Novosti and Azerbaijan’s Report Information Agency, Aurangzeb outlined Pakistan’s economic priorities, focusing on macroeconomic stability, trade expansion and investment-led growth. He noted that Pakistan is already an active member of the Shanghai Cooperation Organisation and sees scope to contribute within the BRICS framework.
Speaking to RIA Novosti, the finance minister said Pakistan would also explore alternative cross-border payment mechanisms as discussions evolve within BRICS. He stressed that ensuring macroeconomic stability remains the government’s top priority, as investor confidence depends on currency stability, brackly news repatriation and economic certainty.
Aurangzeb said Pakistan’s foreign exchange reserves are steadily improving and nearing coverage of three months of imports. He added that sovereign guarantees and export credit agency support could be considered on a project-by-project basis to mitigate country risk.
On digital assets, he said the State Bank of Pakistan is evaluating digital currencies, given the large number of Pakistanis engaged in cryptocurrency activity. He said the government aims to bring the sector into a regulated framework through a virtual assets regulatory authority, while addressing risks related to capital flows, compliance and anti-money laundering standards.
The finance minister also highlighted the potential of artificial intelligence in sectors such as agriculture, finance, healthcare and digital infrastructure, noting that Pakistan’s large freelancer base could benefit from higher productivity. He said Pakistan is interested in learning from Russia’s experience in applying AI in public finance and budgeting, while maintaining human oversight.
On regional connectivity, Aurangzeb underscored the importance of trade corridors, including the International North-South Transport Corridor. He identified energy, oil and gas, minerals, mining and industrial cooperation, including a possible steel plant, as areas of potential collaboration with Russia.
In his interview with REPORT, Aurangzeb said Pakistan’s relations with Azerbaijan are translating into economic outcomes, with trade and investment flows gaining momentum. He noted that Azerbaijan has expressed interest in investing close to $2 billion in Pakistan, particularly in energy, oil and gas, and minerals and mining.
He said discussions are under way on several projects, including a potential oil pipeline investment being explored by SOCAR. Any financial support from Azerbaijan, he added, would be structured to support trade and investment rather than aid, through mechanisms such as central bank placements or project-linked financing.
The finance minister also pointed to the scope for South-South cooperation and the development of new trade and transport corridors linking Pakistan, Central Asia and Azerbaijan. He said financial instruments such as guarantees, export credit mechanisms, banking linkages and Islamic finance tools would be important to support expanded trade and investment between the countries.
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