BRICS Formation

BRIC, formed by the gathering of Brazil, Russia, India, and China during the St. Petersburg International Economic Forum in June 2006, became “BRICS” with the addition of South Africa in 2010.

Experts indicate that BRICS, comprising some of the world’s leading countries, particularly due to its large population, strong industries, and rich energy resources, is rapidly advancing toward being an alternative power center in the global order.

Currently, the alliance’s agenda increasingly highlights the establishment of a new common payment platform, a new reserve currency, and processes of dedollarization. Additionally, with Egypt, Ethiopia, Iran, and the United Arab Emirates joining this year, 34 more countries have applied for membership in the expanding union.

Recently, Turkey’s renewed interest in BRICS has come to the forefront, and Russian President Vladimir Putin expressed his satisfaction regarding Turkey’s interest during a meeting with Foreign Minister Hakan Fidan at the Kremlin.

Putin stated, “We will certainly support the desire to be with these member countries in every way.”

Significance of Turkey’s Potential BRICS Membership

It is said that Turkey, which closely follows BRICS and actively participates in its significant summits, could provide critical benefits to the alliance upon joining.

Experts note that Turkey’s strategic position at the crossroads of Europe, North Africa, Asia, and the Middle East would enhance BRICS’s geopolitical importance and strengthen its influence in these regions.

With its robust industrial base and market structure, Turkey is expected to contribute to BRICS’s economic power and trade volume, and its strong manufacturing sector could support member countries in this area.

Turkey’s potential membership in BRICS is also anticipated to expand the market size and trade volume of the union, creating new opportunities for investment, trade, and economic cooperation among member countries.

Particularly, Turkey could play a complementary role in addressing BRICS’s critical infrastructure gaps and facilitating economic connections between regions, leveraging its expertise in infrastructure development.

Experts indicate that BRICS membership could provide significant advantages for Turkey as well.

They emphasize that BRICS membership would offer Turkey greater access to a wide and dynamic economic bloc that includes some of the world’s largest emerging markets, potentially benefiting Turkish exporters.

With the expansion of BRICS, it is forecasted that it could account for around 40% of the global economy.

International Economic Organizations

International economic organizations, defined as intergovernmental bodies established to help manage and regulate the global economy, aim to facilitate information exchange on various issues between countries and thus seek to maintain stability in the world order.

These organizations engage in activities aimed at mutual benefit through cooperation in economic, trade, political, technical, and cultural matters among member countries.

Economic cooperation institutions undertake various missions, such as promoting trade and investment between countries, supporting economic development, and maintaining global financial stability.

The organizations regularly pursue their activities in a framework of mutual cooperation between member countries and other nations or organizations.

OECD

The Organization for Economic Cooperation and Development (OECD), formed by 38 developed economies, is a leading institution in this field.

Founded in 1961 and based in Paris, the OECD’s mission is defined as promoting economic growth and stability, enhancing prosperity through cooperation in trade, investment, entrepreneurship, technology, and development, and developing policies to assist governments in combating poverty.

The main framework of the institution’s activities includes analyzing economic trends, making forecasts, sharing best practices among countries, developing policies to encourage economic development, gathering data, and finding solutions to global challenges in areas such as education, health, and the environment.

The OECD member countries are the USA, Germany, Austria, Belgium, the United Kingdom, Denmark, France, the Netherlands, Ireland, Spain, Sweden, Switzerland, Italy, Iceland, Canada, Luxembourg, Norway, Portugal, Turkey, Greece, Japan, Finland, Australia, New Zealand, Mexico, the Czech Republic, Hungary, Poland, South Korea, Slovakia, Chile, Estonia, Slovenia, Israel, Latvia, Lithuania, Colombia, and Costa Rica.

Turkey, a member since the establishment of the OECD, is actively involved in many of the institution’s committees and working groups.

G20

The G20 serves as an international platform comprising the 19 largest economies in the world and the European Union (EU). The member countries are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, and the USA.

G20 countries represent approximately two-thirds of the global population and 85% of the global economy.

The platform does not have a permanent secretariat, and the outcomes of G20 meetings are announced through joint statements prepared by all member countries.

G20 plays a crucial role in managing the global economy and maintaining international financial stability. G20 leaders meet annually to exchange views on significant issues affecting the global economy and develop joint policies.

G20 works to strengthen the global economy and promote sustainable development, eliminate trade barriers, enhance the trade system, maintain the stability of the financial system, prevent financial crises, combat climate change, reduce greenhouse gas emissions, alleviate poverty, and promote development.

Turkey has been participating in the G20 since 1999 and plays an active role, sharing its views on important issues affecting the global economy with other countries.

G7

The G7 is a forum where the seven most developed economies in the world come together, which include the USA, Germany, the United Kingdom, France, Italy, Japan, and Canada. The EU is also represented in the G7.

While G7 countries represent approximately 10% of the world population, they control 40% of global income.

Founded in 1975, the G7 plays an important role in managing the global economy and maintaining international financial stability. G7 leaders meet annually to discuss significant issues affecting the global economy and develop common policies.

Areas of G7 activities include strengthening the global economy and promoting sustainable development, removing trade barriers, improving the trade system, maintaining the stability of the financial system, preventing financial crises, combating climate change, reducing greenhouse gas emissions, alleviating poverty, and promoting development.

G7 has also faced criticisms. It is argued that the G7’s representation of only seven countries, most of which are developed economies, is not sufficiently inclusive of the global economy.

Additionally, the decision-making process within the G7 is criticized for not being transparent and democratic, and it is argued that larger economies hold more power compared to smaller ones. The critiques also mention that decisions taken by the G7 are not always implementable and may not effectively address global issues.

Although Turkey is not a G7 member, it is frequently invited as a guest to the G7 Leaders’ Summit.

D8

The Developing Eight (D8) Organization was established at the Summit of Heads of State and Government held in Istanbul in 1997.

D8 is an organization for development cooperation among Turkey, Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, and Pakistan. Its objectives include enhancing member countries’ positions in the global economy, diversifying trade relations, creating new opportunities in the trade sector, and ensuring strong participation in international decision-making mechanisms.

D8 focuses on activities in areas such as agriculture, food security, trade, transportation, industry, energy, health, and tourism.

As an important platform for enhancing cooperation among developing countries and promoting development, the total population of D8 countries is approximately 1.1 billion, accounting for about 14% of global trade.

EAEU

The Eurasian Economic Union (EAEU) is a political and economic structure established by a treaty signed in 2014 between Belarus, Kazakhstan, and Russia. Over time, Armenia and Kyrgyzstan also joined the union, which aims to achieve economic integration among member countries through a customs union, a single market, free movement, and harmonized legislation.

The EAEU also seeks to foster political cooperation among members, encourage investment, and create a common foreign policy.

As a significant economic and political force in the Eurasian region, the EAEU experiences some serious challenges.

There are significant economic disparities among member states, which complicate deeper integration. Political differences among member countries also pose challenges in formulating common policies within the union.

While Turkey is not officially a member of the EAEU, it maintains close relations with the union. Turkey is developing trade and investment relations with EAEU countries and participates as an observer in some of the union’s committees and working groups.

CIS

The Commonwealth of Independent States (CIS) was established in 1991 to preserve the historical and cultural ties among countries once under Soviet administration, promote economic and political cooperation, and continue collaboration in areas of mutual security and defense.

The CIS includes Azerbaijan, Belarus, Armenia, Kazakhstan, Kyrgyzstan, Moldova, Uzbekistan, Russia, and Tajikistan, playing an important role in maintaining peace and stability in the Eurasian region.


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