At the start of this month, Türkiye’s Foreign Minister Hakan Fidan announced the country’s keen interest in joining BRICS, a move that has garnered global media attention. This decision isn’t exactly out of the blue. Back in 2018, President Erdoğan hinted at such a possibility in talks with Russian President Vladimir Putin. However, various geopolitical events have delayed his ambition until now.
BRICS is a coalition of major developing economies—Brazil, Russia, India, China, and South Africa—designed to enhance economic cooperation and strengthen global positions. The term “BRIC” was coined in 2001 by Goldman Sachs analyst Jim O’Neill to represent the world’s fastest-growing economies. The first formal meeting of these nations happened in 2006, and by 2011, South Africa was added, making it BRICS.
Fast forward to today, BRICS is expanding its influence. As of January 1, 2024, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE have joined the fold. This expansion underscores BRICS’ growing clout on the world stage. The association’s main goals are promoting economic growth, strengthening trade and investment, developing infrastructure, and ensuring financial stability through initiatives like the New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA).
Türkiye’s interest in joining BRICS is particularly notable given that it’s a NATO member. This move signals a desire to diversify alliances, reduce dependency on Western financial institutions, and gain access to alternative funding sources. By engaging with BRICS, Türkiye aims to enhance its geopolitical influence and align more closely with rapidly developing economies.
BRICS nations collaborate on a wide range of initiatives, from science and technology to education, healthcare, and environmental issues. These efforts aim to improve living standards and tackle global challenges. In contrast to the G7, BRICS offers an alternative perspective on global governance and cooperation, challenging the dominance of Western powers.
In terms of economic power, BRICS collectively account for a significant share of global GDP and population, even surpassing the G7 in land area, population, and GDP based on purchasing power parity. Additionally, BRICS countries hold a larger share of global oil reserves compared to the G7, further emphasizing their economic significance.
BRICS also champions a multipolar world order, advocating for a balanced distribution of power among various regions and countries. This is reflected in the creation of the NDB and CRA, which aim to establish financial institutions that compete with the IMF and World Bank, offering fairer financing terms.
The diverse membership of BRICS, spanning different continents and cultures, makes it a more inclusive and representative organization compared to the G7. This diversity allows for a broader spectrum of perspectives and needs, promoting a more balanced approach to global issues.
The interest in joining BRICS is widespread, with nearly 30 countries expressing a desire to become members or gain partner status. This growing appeal highlights the association’s importance on the global stage.
For Türkiye, joining BRICS aligns with its economic goals of diversifying partnerships and strengthening trade and investment ties with BRICS countries. This move would also enhance its political independence from Western blocs like the EU and NATO. Türkiye’s strategic location as a bridge between Europe, Asia, and the Middle East could be leveraged to strengthen ties with BRICS nations and bolster regional security.
However, Türkiye faces several internal political challenges that complicate its BRICS ambitions. The recent shift towards pro-Western positions in domestic politics and the influence of pro-Western forces create significant obstacles. Additionally, Türkiye’s potential BRICS membership could provoke a backlash from Western allies, leading to sanctions and economic restrictions on Turkey.
Economically, Türkiye’s current struggles with high inflation and reliance on Western investments present another barrier to joining BRICS. While BRICS countries have significant economic potential, they also face their internal challenges and may not always provide the necessary financial support.
Despite these hurdles, BRICS membership could offer Türkiye long-term strategic advantages, aligning with Erdoğan’s vision of a sovereign foreign policy. In the long run, joining BRICS could open new opportunities for Türkiye, strengthen its position on the global stage, and ensure more balanced participation in world affairs.
Ultimately, Türkiye will need to carefully weigh the pros and cons of BRICS membership, seeking to extract maximum benefit and positioning itself strongly in the evolving global order. This decision is a complex one, influenced by various economic, political, and geostrategic factors.