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Turkey’s possible BRICS membership to affect its trade with West — expert

Bloomberg said earlier that the Turkish authorities applied for joining BRICS several months ago

ISTANBUL, September 13. /TASS/. Turkey’s possible BRICS membership may have negative implications for the country’s foreign trade as EU countries account for its largest portion, chairman of the Istanbul-based Center for Economics and Foreign Policy (EDAM) think tank Sinan Ulgen believes.

"Turkey’s export-import relations with the EU are balanced, whereas there is a serious imbalance with China," the Hurriyet newspaper cited the expert. Total inflow of foreign capital to Turkey has reached $188 bln since 2022, of which $142 bln flew from Western countries, including $119 bln from EU countries, Ulgen said. "Capital inflow from BRICS countries to Turkey amounted to $14 bln in the same period," he noted. The expert also believes that Turkey’s membership in the BRICS group may result in change of Western partners’ behavior regarding capital export.

Bloomberg said earlier that the Turkish authorities applied for joining BRICS several months ago. According to the agency, the association’s expansion may be considered at the BRICS summit in Kazan on October 22-24, where Turkish President Tayyip Erdogan has been invited. Russian presidential aide Yury Ushakov confirmed last week that Turkey had filed an application for BRICS membership, which would be considered.

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