Daily Times

Chairman Pakistan Hitech Hybrid Seed Association (PHHSA) Shahzad Ali Malik on Sunday said Pakistan is an ardent supporter of multilateralism and now must be a member of the expanded BRICS, which is a rising multilateral organisation within the Global South. Talking to a delegation of industrialists, he said within the context of geopolitics, it is an admitted fact that the rise of China, and other Asian economies has brightened prospects for the Global South to challenge Western dominance in the prevailing world order, said a press release issued here. He said an expanded BRICS, which represents a sizable percentage of the world’s population and economic growth, seems better poised to represent the interests of the Global South. He said de-dollarisation may be an aspiration of some BRICS countries, but the actual shift towards other currencies would require more time and effort. Nearly $5 trillion is held in overseas central banks, including almost $1 trillion in the Bank of China.