BRICS may receive a new addition in the near future as Turkiye lodged an application for a full-fledged membership with the economic bloc this week.<\/p>\n\n\n\n
Turkiye\u2019s membership may be welcome news for BRICS as the Turkish economy was rated by the IMF in 2023 as the 17th largest in the world, with the country\u2019s GPD last year being appraised at a little over $1 trillion.<\/p>\n\n\n\n
According to the World Bank, Turkiye displayed a steady real GDP growth rate (averaged 5.4%) from 2002 till 2022, as well as a decrease in poverty that dropped from over 20% in 2007 to 7.6% in 2021.<\/p>\n\n\n\n
Turkiye\u2019s geographical location, right on the boundary between Europe and Asia, along with its control of the Bosporus and Dardanelles Straits linking the Black Sea and the Mediterranean Sea, make the country a natural logistical hub for moving goods between the Global South and Global North.<\/p>\n\n\n\n
Ankara\u2019s considerable clout in the Middle Eastern affairs, where it has long been one of the top players, and its influence on the African continent may also benefit Turkiye\u2019s future fellow members in the BRICS. At the same time, better access to the BRICS members\u2019 markets may help Turkiye deal with its own economic problems such as, for example, rampant inflation that remains a concern for Ankara today. Ironically, the World Bank notes that the reliance of Turkish industries on \u201ccarbon-intensive processes and fossil fuels\u201d presents a challenge in Turkiye\u2019s cooperation with the EU in light of the latter\u2019s focus on \u201cgreen\u201d technologies and climate change.<\/p>\n\n\n\n
Meanwhile, BRICS members are not so fixated on destroying their economies for the sake of an environmental agenda and thus might make much better business partners for Turkiye.<\/p>\n","protected":false},"excerpt":{"rendered":"
BRICS may receive a new addition in the near future as Turkiye lodged an application for a full-fledged membership with the economic bloc this week. Turkiye\u2019s membership may be welcome news for BRICS as the Turkish economy was rated by the IMF in 2023 as the 17th largest in the world, with the country\u2019s GPD …<\/p>\n","protected":false},"author":3,"featured_media":210494,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[263],"tags":[],"class_list":["post-210493","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-arab-telegraph-news"],"yoast_head":"\n