Turkey is the first member of Nato to formally apply to join the emerging market Brics alliance, which China and Russia head.
Ankara's dissatisfaction with the West stems from its support for Israel's assault in Gaza and its protracted attempts to join the EU, which have stalled for years.Turkey is a member of the military alliance led by the United States but has refrained from joining the Western sanctions put on the Kremlin in response to Vladimir Putin's invasion of Ukraine.
Rather than opposing Moscow, Turkish President Recep Tayyip Erdogan has established himself as a mediator between Russia and Ukraine. He has become instrumental in talks about grain exports from Black Sea ports and the latest prisoner swap between Moscow and Washington.
“Turkey can become a strong, prosperous, prestigious and effective country if it improves its relations with the East and the West simultaneously,” he said in Istanbul at the weekend (August 31-September 1)
“Any method other than this will not benefit Turkey, but will harm it.”
“We do not have to choose between the European Union and the Shanghai Cooperation Organisation (SCO) as some people claim,” Mr Erdoğan added.
“On the contrary, we have to develop our relations with both these and other organisations on a win-win basis.”
A Turkish ambassador told Newsweek that Ankara's "accumulated frustrations" with the West and the EU spurred the decision.
Sinan Ülgen, head of the Istanbul-based think tank Edam, said: “This is not the strategy, by Ankara, to replace the West, but it’s a strategy to strengthen relations with non-Western powers at a time when the US hegemony is waning.”
Turkey’s application to join Brics will be discussed at a summit in Russia in October. While the Kremlin in June 2024 welcomed Ankara's intention to join the group, ties with the US and other Nato members are expected to suffer because of the balancing act.
What is Brics?
Brics is an acronym for Brazil, Russia, India, China, and South Africa. It's an intergovernmental organisation that brings together these five major emerging economies.
The term "Bric” was originally coined in 2001 by Jim O'Neill, an economist at Goldman Sachs, to describe the fast-growing economies of Brazil, Russia, India, and China. These countries held their first official meeting in 2006 and formed a formal grouping.
South Africa was invited to join the group in 2010, leading to the name change to Brics.
The primary goal of Brics is to promote peace, security, and development in the world. The alliance focuses on enhancing economic cooperation among member states, increasing trade and investment, and supporting each other’s growth.
Brics countries work together on various international issues, striving to have a stronger collective voice in global governance institutions such as the United Nations, the World Bank, and the International Monetary Fund (IMF).
The group has established financial institutions including the New Development Bank (NDB), also known as the BRICS Bank, which funds infrastructure and sustainable development projects in member countries and other developing nations.
Brics nations represent a significant portion of the world’s population (about 40 per cent) and economic output (over 20 per cenr of global GDP). Their collaboration is seen as a counterbalance to the dominance of Western countries in international affairs.
Brics holds annual summits where leaders from the member countries discuss issues of mutual interest and set the agenda for future cooperation.
Russia will hold the next summit in Kazan on October 22-24, 2024.
Which countries are part of Brics?
Brazil, Russia, India, and China are the founding members of Brics, while South Africa was the first country to join as part of the expansion in 2010. South Africa is the smallest member in terms of its economy and population.
As of September 2024, BRICS has expanded to include 11 countries. The six additional countries are:
- Argentina
- Egypt
- Ethiopia
- Iran
- Saudi Arabia
- United Arab Emirates (UAE)
These new members were invited during the 15th Brics Summit in August 2023, with their membership officially starting on January 1, 2024.
Who else wants to join?
As of 2024, several countries have expressed interest in joining Brics or have been mentioned as potential candidates for future expansion. Some of these countries include:
- Algeria
- Bangladesh
- Indonesia
- Mexico
- Nigeria
- Turkey
- Pakistan
- Senegal
- Kazakhstan
- Thailand
These countries are attracted to Brics due to its focus on representing the interests of emerging markets and the Global South — and its efforts to create alternatives to Western-dominated global institutions.
Brics continues to evaluate the possibility of further expansion, considering the geopolitical and economic impacts of adding new members
Does Brics have its own currency?
As of now, BRICS does not have a unified currency. The Brics nations use their national currencies for trade and financial transactions.
However, the group has discussed creating a common currency or alternative payment systems to reduce reliance on major Western currencies such as the US dollar.
One of the key initiatives related to financial cooperation among Brics countries is the New Development Bank (NDB), which was established to fund infrastructure and sustainable development projects in member countries and other developing nations. The NDB focuses on using local currencies to reduce dependency on the US dollar.
Additionally, BRICS members have explored promoting trade and financial transactions in their local currencies instead of using the dollar, but these efforts are still in the developmental or exploratory stages. The idea of a Brics currency remains speculative and would involve complex economic, political, and logistical considerations.
