Daily Times

Neighbouring India is turning the pages of history with its constant economic growth and prowess. The country that was only seen as one of the fastest-growing IT hubs, or one of the most lucrative consumer markets will now be trading with 18 countries in the Indian rupee. As countries around the globe gradually de-dollarize, we begin to see regional and global collaborations that make this a reality with every step. On the other hand, is BRICS – one of the most dynamic and undoubtedly threatening blocs o emerge in recent times.

Brazil, Russia, India, China and South Africa are termed as BRICS due to their unmatched potential to become the dominant supplier of services, manufacturing goods and raw materials in the mid-21st century. These G-20 countries together represent 42% of the global population, 23% of the world’s GDP, and 17% of world trade. Now with BRICS countries coming together and other economies joining them, BRICS is seriously considering the idea of “creating the International reserve currency based on the basket of currencies of our countries” as Vladimir Putin expressed last year. Many experts term the rise of BRICS as the new world order. Can BRICS challenge the G7 by bringing in an alternative political and economic model? Absolutely, these countries have the ambition and the right economic ammunition.

Then we have the blooming ties between Saudi Arabia and Iran – all thanks to China who played as the mediator. Saudi Arab’s inclination away from the US and towards China’s economic bloc came as a huge blow to the US and its allies who might be forced to re-think their alliance and strategy. Also, on the sidelines is Israel’s suggestion to link its freight railway network with Jordan and Saudi Arabia – a definite eye-opener for the world.

After 75 years of political turbulence, we are still figuring our way around democracy at the cost of our economic future.

The world continues to shrink and operate in connectivity through commerce and trade, international supply chains, digital platforms, data sharing, and transportation. But where does Pakistan stand amidst this increasing global connectivity and influence war? Sadly, we are caught in a domestic feud that serves only the greed and personal benefit of a handful of politicians. Pakistan is like a patient undergoing open heart surgery when during the operations its doctors decide to leave and attend to their own matters. Well as long as the patient is on the vent and breathing – the doctors can shy away from the real matter and look the other way.

This is extremely unfortunate, especially in the evolving global context. We can only boost friendly relations with China and Saudi Arabia. The fact that our economic ties are weakening with these nations should be enough to give nightmares to Pakistan’s politicians and economic gurus. Alas, all we are caught up with is a never-ending “election debate” with now the judiciary joining in. Yes, we have the CPEC, and we are part of the BRI but are we active and engaging economically? No, after 75 years of political turbulence, we are still figuring our way around democracy at the cost of our economic future. Global powers are shifting, and countries continue to forge economic and regional ties in favour of their economic growth.

In 2021 experts dubbed Pakistan as the world’s 43rd-largest economy with the world’s 5th-largest population which is also one of the youngest in the world. In 2023, one of the world’s largest lenders denied financial assistance to Pakistan based on its poor economic outlook. While our “friends” followed in its footsteps. Martin Wolf, one of the authorities on economics and global financial systems in his book writes, “Without decent and competent elites, democracy will perish.” This perfectly explains Pakistan’s dilemma and supports my case for meritocracy that I continue to write and profess.

We see Mr Bilawal Bhutto, establishing global connections and representing Pakistan well on all important global forums. In my opinion, only rekindling diplomatic ties on softer terms have the tendency to die out sooner than later as countries move on to real economic agendas. These must be therefore backed by solid re-assuring economic and cultural collaborations. However, what we lack is the execution and performance of important government departments such as the Ministry of Planning and Finance which do not seem to be in sync with the country’s economic reality and are more attuned to the PML-N’s economic vision. There is a clear economic divide amongst the PDM government that has further pushed economic growth on the back burner in the favour of political gains.

Pakistan’s political pandits are satisfied with spending 21 billion rupees on the elections that may never provide the solution to its economic challenges. But they will not put their problems aside to cultivate an economic plan that allows its dying financial system to stand on its feet. Our inability to participate in regional and global connectivity is not only isolating Pakistan on the global stage but is also depriving the nation of the opportunity to grow and compete amongst the world’s fastest-growing nations. And this is the cost we are paying to establish a democratic system that may fail time and again.

The writer is the Foreign Secretary—General for BRI College, China. He tweets @DrHasnain_javed