30th September 2024 (11 Topics)
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Turkey's Aspiration to Join BRICS
Context
Turkey's recent bid to join the BRICS group—comprising Brazil, Russia, India, China, and South Africa—has raised significant discussions regarding its geopolitical strategy, economic motivations, and implications for its relationship with NATO. Also, this as a sign of Turkey's growing interest in fostering relations with India, particularly as it seeks BRICS membership.
Why Turkey wants to join BRICS?
- Economic Diversification: Historically reliant on European markets, Turkey’s economy has faced stagnation. By joining BRICS, Turkey aims to access emerging markets, particularly in Asia, enhancing its trade relationships.
- Strategic Positioning: Joining BRICS offers Turkey the chance to enhance its geopolitical significance. By aligning with emerging economies like China and India, Turkey aims to reshape its image as a leader within the Islamic world while distancing itself from its previous hardline stance.
Potential Implications for Turkey's International Relations
- NATO Dynamics: While Turkey is unlikely to abandon NATO, the move signals a strategic diversification of its foreign policy. This dual alignment could enhance Turkey's geopolitical leverage but may lead to tensions with NATO members, especially given Turkey's prior acquisition of Russian defense systems.
- Regional Influence: Membership in BRICS could amplify Turkey's influence in regions such as the Balkans, the Middle East, and Central Asia.
- Economic and Investment Opportunities: Through BRICS, Turkey anticipates attracting investments, particularly for infrastructure and renewable energy projects. The BRICS New Development Bank could be a vital source of funding, facilitating Turkey's economic growth and enhancing its capacity to navigate current financial challenges.
- In BRICS, Brazil, China and India are currently emerging as the world’s largest economies. By joining BRICS, Turkey will place itself in a group that advocates a more equitable global order, challenging the dominance of West-led institutions such as the IMF and the World Bank.
Fact Box: BRICS
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