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Home»Regulation»Turkey says “we would like to become a member of BRICS”
Regulation

Turkey says “we would like to become a member of BRICS”

NBTCBy NBTC03/09/2024No Comments3 Mins Read
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Turkey wants in on BRICS. That’s the latest from Foreign Minister Hakan Fidan, who said, and we quote:

“Certainly, we would like to become a member of BRICS. So we’ll see how it goes this year.”

And Turkey has some serious motivations. First off, they’re looking for new economic partners. BRICS countries like China and India are economic giants with markets that are growing fast.

Europe’s growth is slow, and Turkey knows it. They’ve been struggling with high inflation, and their currency isn’t doing much better. Being part of BRICS could mean new trade deals and investments, things that could help Turkey stabilize its shaky economy.

But the country is also playing the political game. Their relationship with the West? Not so hot. There’s been tension with the European Union and the United States for years.

Some European countries are against Turkey joining the EU, and Ankara is tired of waiting around. So, they’re looking at BRICS as a new platform—one that doesn’t involve begging for approval from the West.

As Fidan put it, some countries are blocking Turkey’s path to the EU, so they’re exploring other options. Joining BRICS could also mean access to some serious resources and tech. China and India are leading the pack in these areas, and Turkey wants a piece of that pie.

They’re particularly interested in boosting sectors like energy, transport, and telecom. And let’s not forget about the money. Turkey sees BRICS as a way to get financial stability. With the global markets all over the place, having access to new sources of funding and credit could be a game changer.

So, what’s the plan? The big talks are happening soon. Turkey’s potential membership is set to be a hot topic at the next BRICS meetings. They’ve got a summit coming up in October in Kazan, Russia, and you can bet Turkey will be on the agenda.

The Kremlin is all for it, after all. They’re showing support for Turkey’s interest. But we can’t know for certain whether the country will actually join the bloc. There are many things to consider.

The biggest one is NATO. Turkey is still a member, and their relationship with NATO is important. They have to balance that with their BRICS ambitions. It’s a balancing act, and it’s not an easy one.

The NATO allies are already worried that Turkey’s decision might mean a move away from its alignment with the West. Some Western officials are even saying that this could screw with NATO’s cohesion.

They’re seeing Turkey’s potential BRICS membership as a pivot toward Russia and China, which isn’t sitting well with them.

Still, Turkey’s trying to calm things down. Fidan made it clear that joining BRICS isn’t about ditching NATO or the EU. “We don’t see BRICS as an alternative to NATO or the EU,” he said. It’s more about having options, looking for economic cooperation, not burning bridges.

In fact, Turkey could be seen as a bridge itself. If they play their cards right, they could use their position in BRICS to help NATO with security issues, like those in the Black Sea region.

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NBTC is the editorial account for NBTC News, covering Bitcoin, Ethereum, DeFi, blockchain infrastructure, exchanges, mining, regulation and digital asset markets. The editorial team focuses on clear sourcing, timely updates and practical context for crypto readers.

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