Another important entity, established in 1967 was Association of South East Asian Nations (ASEAN). It has also emerged as a full-fledged economic community, renamed as the Asian Economic Community (AEC).  Similarly, USA with Canada and Mexico oversaw the establishment of NAFTA in 1994.

The Regional Cooperation for Development (RCD) was initially formed by Iran, Pakistan and Türkiye. After the fall of Soviet Union, it got converted into Economic Cooperation Organization (ECO) consisting of former Muslim republics of USSR, Afghanistan, Iran, Pakistan and Türkiye.

The Gulf Cooperation Council (GCC), consisting of oil-rich states of the Persian Gulf region, is another grouping.

The Shanghai Cooperation Organization (SCO), was established in 2001.

Pakistan’s location in the region is very important. It is sitting on the mouth of Persian Gulf close to the Strait of Hormuz and Indian Ocean in the South, bordering Central Asia and China in the North, Afghanistan and Iran in the West and India in the East. Thus, becoming the shortest route to Europe, Middle East and Africa through warm waters for China, Russia and land locked Central Asian states.

Today, the entire region starting from Pakistan, Afghanistan all the way to Iraq and Syria has been made extremely volatile. Indian Ocean and Persian Gulf are packed with US and NATO forces and warships under AUKUS, CMF and QUAD. They are not only controlling the trade routes but also can block the free passage through warm waters for China, Iran, Pakistan and Russia. Similarly, Abraham Accord with Arab-India-Israel-US nexus is also a direct threat to Pakistan and Iran.

China, Iran, Pakistan, Russia and Türkiye all have their strategic economic interests in historical sea trade and land routes in the region. These countries are culturally, economically and geographically linked to each other not as of today but for centuries. The historic Silk Route connected all of them and every one was always concerned for its safety and security.

Today the major strategic economic plans like “BRI” of China and “North-South Trade Corridor (NSTC)” of Russia are convering in Pakistan’s CPEC (China-Pakistan Economic Corridor). The Gas Pipe Line and electricity transmission line projects between Iran-Pakistan and linking of Iran’s sea port of Chabahar with CPEC port of Gwadar form strategic economic interests of Iran.

This sensitive and complex geopolitical scenario in the region warrants formation of very strongly bonded strategic economic bloc of China, Iran, Russian, Pakistan and Türkiye. GREF has been established to work towards formation of this new bloc for safe guarding strategic economic interests of all member countries.

The Golden Ring Economic Forum (GREF) is a Think-Tank established in 2015 at Lahore by a group of businessmen, ex-service men, former diplomats, industrialists and scholars and registered under Society’s Act in 2016. GREF is working to enhance strategic economic cooperation between China, Iran, Pakistan, Russia and Türkiye. The grouping of these five countries has been termed as the “GOLDEN RING” because they form a ring around Central Asia and Afghanistan.

In a short period since its inception, GREF has made some notable achievements at the national and international levels. GREF has been successful in convincing the concerned government quarters of China, Iran and Russia to support the initiative of GOLDEN RING Economic Bloc. As a result, GREF has been successful in convincing the concerned quarters in China, Iran and Russia to accept and support the initiative of GOLDEN RING Economic Bloc. China sees it as a regional subset of their BRI whereas, Russia takes it as an extension of their North-South Economic Bridge. Isolated Iran takes it as an opportunity to safeguard their economic security like Pakistan. Therefore, the idea was well received and accepted by member countries. As a result of GREF lobbying efforts, they all agreed to hold the first Parliamentary Speakers Conference in 2017 at Islamabad, which was made a permanent feature unanimously. The second and third consecutive meetings were held in Tehran (2018) and Ankara (2019). Meetings at Beijing and Moscow were postponed due to Covid-19. The cycle will start again once the pandemic is over.

In the light of changing regional geostrategic conditions and their ramifications on Pakistan. Evolving environment in Afghanistan, ongoing confrontation between China and India, Kashmir a flash point, threats and pressures on Pakistan through FATF, IMF and other similar regimes. Pakistan’s future relations with KSA and Gulf Countries in light of Arab-India-Israel-US grouping, Abraham Accord, Indo-Pacific and Quad Agreements, Arabs and Pakistan’s position in case of conflict in Persian Gulf. All of this demands that Pakistan needs a serious revisit to its economic, foreign and security policies to face the future challenges of national economic and territorial security.  Pakistan needs to explore options to come out of Euro-Dollar hegemony and trade with its regional neighbors in Barter through a SPV or in local/common currencies.  Pakistan also needs to look for and develop alternate source of fuel and energy supplies other than the conventional ones.

To achieve its objective and fulfil its mission GREF has successfully conducted several meetings with high level officials from China, Iran and Russia confirming their acceptance of GREF idea and initiative.  The objective of all this, is to jointly explore opportunities and possibilities for multilateral strategic economic cooperation in different fields and to find an answer to “HOW & HOW SOON” GREF has planned a few short terms and long-term initiatives covering different aspects of economic and national security.