Will Turkey become a member of BRICS? What is BRICS?

China and Russia, remaining outside the Western bloc, were in search of a model where they could form an economic 'alliance.' In 2006, the 'BRIC' group was established with the participation of Brazil, Russia, India, and China.

In 2010, with the addition of South Africa, the group took the name 'BRICS.'

BRICS is known as the 'alliance of emerging countries.'

The group wants emerging economies to have a greater say in international politics.

The group's goal was to bring together the world's most important emerging countries to challenge the political and economic power of wealthier Western nations.

Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE) were invited to become members effective January 1, 2024.

Members take turns holding the presidency for one year.

Argentina had also been invited to the group, but President Javier Milei withdrew his country's membership in December 2023, shortly after taking office.

BRICS members make decisions on key issues such as the admission of new members, the structure of the bloc, and the economic relations of the countries involved at their annual summit.

Leading politicians in Brazil and Russia have proposed creating a BRICS currency to reduce the dominance of the dollar.

However, this was not discussed at the group's 2023 summit.

Member countries frequently use the US dollar in trade among themselves.

On the other hand, ahead of the summit to be held on October 22-24, Russian President Vladimir Putin noted that the group would take initiatives to issue a BRICS currency.

In addition to 'superpowers' such as China and Russia, the BRICS countries also include influential nations on their respective continents, such as South Africa and Brazil.

The total population of the member countries of the group is approximately 3.5 billion. This figure corresponds to 45% of the world's population.

The total value of the member countries' economies exceeds 28.5 trillion dollars. This means approximately 28% of the global economy.

BRICS countries, which include oil giants such as Iran, Saudi Arabia, and the UAE, produce approximately 44% of the world's crude oil.

BRICS argues that Western nations dominate key global institutions such as the International Monetary Fund (IMF) and the World Bank (WB), which lend money to governments.

The group wants to see 'more voice and representation' for developing economies.

Turkey is among the countries that have applied to become a member of the group this year.

Turkey's application for BRICS membership will be accepted if all permanent members grant their approval.

On the other hand, there are also some obstacles to Turkey's membership.

For example, India, one of the group's members, may not approve the membership due to Turkey's close relations with Pakistan.

Conversely, Russian Foreign Minister Sergey Lavrov noted in a statement to the state news agency TASS that Russia views Turkey's candidacy positively.

BRICS countries established the New Development Bank in 2014 to fund investments that would revitalize infrastructure.

By the end of 2022, the bank had provided approximately 32 billion dollars to developing countries for new roads, bridges, railways, and water supply projects.

The BRICS group also includes most of the countries that are members of the G20.

Russia will host the 2024 BRICS summit in Kazan in October.

Putin expressed his expectations for the summit to be held next month: increasing the role of BRICS in the international financial system; improving cooperation between banks and expanding the use of BRICS currencies; and promoting cooperation between tax and customs authorities.

If the Russian President's requests are realized, BRICS could economically transform into a structure similar to the European Union, where members are economically integrated with one another.