Turkey is interested in participating in the BRICS initiative in order to diversify its economic portfolio and mitigate its dependence on the West.
Turkey is interested in participating in the BRICS initiative. The most recent statement from Foreign Minister Hakan Fidan is as follows:
“Certainly, we would appreciate the opportunity to join the BRICS. Therefore, we will observe the outcome of this year.”
Additionally, Turkey has some significant objectives. Initially, they are in search of new economic partners. Economic powers such as China and India, in the BRICS region, are experiencing rapid market expansion.
Turkey is cognizant of the fact that Europe’s expansion is glacial. Their currency has not fared much better, and they have been grappling with high inflation. Membership in the BRICS group could result in the establishment of new trade agreements and investments, which could potentially assist Turkey in stabilizing its unstable economy.
Ankara is sick of the prolonged delay, as certain European nations are opposed to Turkey’s accession to the European Union. Therefore, they are considering BRICS as a novel platform that does not necessitate Western sanction.
Fidan stated that Turkey is currently investigating alternative routes to the EU due to the obstructions posed by certain nations. Access to significant resources and technology may also be a consequence of joining BRICS. India and China are the frontrunners in these sectors, and Turkey is interested in gaining a share of the market.
They are notably interested in enhancing sectors such as energy, transport, and telecommunications. Additionally, it is imperative to consider the financial aspect. Turkey regards BRICS as a means to achieve financial stability. Access to new sources of funding and financing could be a game-changing factor in the face of the global markets’ volatility.
Ultimately, the Kremlin is in favor of it. They are demonstrating their backing for Turkey’s interests. However, it is impossible to determine with certainty whether the nation will indeed join the bloc. There are numerous factors to take into account.
NATO is the largest. Turkey remains a member of NATO, and their relationship with the organization is significant. They must strike a balance between their BRICS aspirations and this. It is a difficult task to balance.
The NATO allies are already concerned that Turkey’s decision may result in a departure from its alignment with the West. Even some Western officials are expressing concern that this could potentially undermine NATO’s unity.
They perceive Turkey’s potential BRICS membership as a pivot toward China and Russia, which is not to their liking.
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