BRICS herald a multipolar world

Returning from the United Nations summit in New York, President Recep Tayyip Erdoan has scheduled the BRICS summit in Russia in October.

I send my best wishes to the President of the Republic of Trkiye, Mr. Erdoan. I'm waiting for him in Russia, in Kazan. We had planned a bilateral meeting on October 23, Russian President Vladimir Putin told Numan Kurtulmu, Speaker of the Turkish Parliament, who visited Moscow a few days ago. Erdoan and Putin are expected to make progress on Trkiye's request for BRICS membership.

Development is not only important for Trkiye. As a member of NATO, the country maintains deep political, economic and legal ties with the European Union. This particular position differentiates Trkiye from countries already far from the Western bloc, such as Malaysia, Thailand and Azerbaijan, which also want to join the union.

The petrodollar order shaken

Named after Brazil, Russia, India, China and South Africa, the BRICS group welcomed four new members earlier this year, with the addition of Iran, the United Arab Emirates (UAE), Ethiopia and Egypt. Saudi Arabia was also invited to join.

According to the International Monetary Fund (IMF), the economic size of BRICS has exceeded $29.5 trillion with the arrival of five new countries this year. Its share in the global economy has reached 40%. BRICS, which is expected to expand further at its October 23-24 summit, describes itself as an alternative to Western-dominated institutions such as the World Bank and the IMF. But it doesn't just promise to provide its members with access to finance, potentially through a development bank. The group also aims to develop political and commercial relations among its members.

Everyone is aware that BRICS is a balancing act against the West, which is pulling the strings of the post-World War II global order. Because even though BRICS is an economic organization, it has the potential to lead to radical changes in global politics in the medium and long term.

The petrodollar agreement, which for years has been one of the main pillars of American hegemony in the world, is one of the first to benefit from possible change. As is known, when it became clear that the American government would not be able to redeem the dollar in gold, an agreement was concluded between the United States and Saudi Arabia in 1972-1973. Under this agreement, the United States would protect the sovereignty of the royal family and the Saudis would sell their oil only in dollars. Any country or organization wishing to buy oil had to give dollars in return, which had to be found somewhere. The price of oil in dollars has become the strongest basis of international demand for the dollar, and therefore the strongest basis for maintaining its status as a reserve currency. As global demand for energy is constantly increasing, the demand for oil has been decisive. Soon, other OPEC countries also began accepting only dollars in exchange for oil.

OPEC members are the majority within BRICS. In the future, other OPEC members, such as Venezuela, are expected to join.

Additionally, the US dollar is the only currency used not only in oil trading but also in buying and selling all kinds of goods in international markets. If BRICS members use their own currencies instead of the US dollar in their trade relations, it will undermine the system that keeps the United States afloat.

Ace model from Turkey

As for Trkiye's contribution to BRICS due to its special position…

Located at the crossroads between East and West, Trkiye occupies a highly strategic geography. It is the only country in the region with a Western-style democracy, which makes its position at the crossroads of the busiest trade routes all the more valuable.

Trkiye, whose legal and political system is integrated into the EU, played a major role in maintaining contacts between the two blocs during the Russo-Ukrainian War. Peacebuilding processes such as the prisoner exchange and the grain corridor agreement were achieved thanks to Ankara's balance policy.

President Erdoan, who has won the world's appreciation and trust through his active position in all these processes, emphasizes that they approach BRICS with a similar perspective: just because we are a NATO country, we we cannot sever our ties with the Turkish world and the Turkish world. Islamic world. BRICS and ASEAN are structures that offer us opportunities to develop our economic cooperation. Participating in these structures does not mean renouncing NATO. We do not believe that these alliances and cooperations are alternatives to each other. Although there are some international tensions today, the Cold War era is long gone.

Trkiye's accession to BRICS, while preserving its unique position, will serve as a model for European countries seeking opportunities in the EU, which has lost its economic superiority and competitiveness.

The Sabah Daily News Bulletin

Keep up to date with what's happening in Türkiye, its region and the world.

SUBSCRIBE ME

You can unsubscribe at any time. By registering, you agree to our Terms of Use and Privacy Policy. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.