Pakistan hopes to join BRICS to reduce risks from external economic shocks, according to Yaseen Anwar, former governor of the State Bank of Pakistan.
BRICS is a significant platform for emerging-market countries, originally comprising Brazil, Russia, India, China, and South Africa. Earlier this year, the organization expanded to include five new members: Saudi Arabia, Egypt, the United Arab Emirates (UAE), Iran, and Ethiopia.
As an important platform for cooperation among emerging markets and developing countries, BRICS is committed to upholding multilateralism, reforming the global governance system, and increasing the representation and voice of these nations. The bloc has become a positive, stable, and constructive force in international affairs.
Speaking with China Global Television Network, Anwar said that Pakistan is interested in BRICS membership as it could help enhance its resilience amid global economic uncertainties, adding that BRICS is a response to safeguard the trading patterns of Pakistan and other nations from being affected by shocks originating in distant parts of the world.
"BRICS is a large trading bloc. Keep in mind that this concept is nothing new, but this is on a global level. When the global financial crisis took place, that sent shockwaves around the world. To prevent those exogenous shocks, they [nations] must develop regional blocs that would not be impacted by one country alone. So that there will be balance in the world. Balance that these exogenous shocks would not impact the common man. Economic trading blocs will form a trading enterprise that will be immune, relatively immune, from those previous shocks that were felt by a unipolar world. It's a multipolar world that we're looking at where the trade patterns are diverse. BRICS is simply a response to ensure that the trading patterns of Pakistan and other countries are not influenced by shocks at the other end, the other side of the world," he said.
The 2024 BRICS Summit, which will take place in the Russian city of Kazan from October 22 to 24, is the first to be held after the group's expansion.
Pakistan hopes to join BRICS to reduce trade risks: former central bank governor
The Chinese government has done a lot to create a fair and competitive business environment with clear regulations to perfect the market economy system over the years, said Vincent Lam, the Chairman and CEO of Asiaray Media Group Limited.
As China's financial leaders gather for this year's Annual Meeting of the Financial Street Forum, recent government initiatives aimed at bolstering the country's economy became a hot topic.
Lam, chief of the pioneering company for outdoor advertising industry in China, said that he welcomes the Chinese government's efforts to stimulate the national economy and build a market economy system with clear rules and regulations that the private enterprises get to benefit from.
"In last month, the Chinese government has put up a series of actions that the government is trying to do. I think what the most companies and -- I have been in a private enterprise -- what we want is a fair competition environment, and not so much about how the government can subsidize. And what we want is a more fairer, competitive environment and also the clearer rules and regulations that we know how to follow. And we know how to benefit from it. So I think in this, I think the government has done a lot and positively and laying out the rules clearly, and also some (measures) encouraging business to come in," Lam said.
Lam, who has been operating in mainland China since 1993, said that he witnessed significant changes that have taken place in Chinese mainland in his industry over the years. China is among the top in terms of out-of-home advertising sector, he commended.
"I think the government has done a lot to encourage private enterprises and to perfect the system. Of course the rule of the game always change, but I think the main things are still there. And I think the spirit of setup[setting-up] companies, of encouraging business are always there. And this is something quite encouraging to me. I have been doing the business in mainland, ever since we started in 1993. And in all these years, we see big changes in our industry. I think people might have this misconception that China is lagging behind both in terms of hardware, software, or in the total spending. In actual fact, the total spending in out-of-home advertising in China is probably among the first two in the world," he said.
The entrepreneur also highlighted the potential of the Guangdong-Hong Kong-Maca Greater Bay Area (GBA), citing its combination of research institutions, manufacturing bases, and Hong Kong's financial center as a foundation for substantial growth.
"I think the Greater Bay Area or GBA poses big potential for growth. And in GBA -- both in terms of the areas and population and GDP -- if it's not the first in the world, (it) will be among the first two or three in the world. This holds a very good advantage that we have great research institutions and great companies that manufactures the best products. And also (the GBA has) the finance center that Hong Kong has always been. So when you have great research centers, finance centers, and also manufacturing base, and this provides what we call basic for substantial growth," Lam said.
The three-day conference opened on Friday and was co-hosted by the Beijing government, the People's Bank of China, the National Financial Regulatory Administration, the China Securities Regulatory Commission, Xinhua News Agency, and the State Administration of Foreign Exchange.
China makes strides on creating fair, competitive business environment: media chief
