Established in 2006, BRIC initially comprised Brazil, Russia, India, and China. The inaugural summit took place in Russia in 2009, and the organization evolved into BRICS in 2010 upon South Africa’s inclusion. The 15th BRICS Leaders Summit, held this year in Johannesburg, South Africa, marked a historic milestone as the organization embarked on a transformative journey.
During the summit, hosted by South African President Cyril Ramaphosa, a significant decision was made to expand the organization’s scope. In a proactive move, BRICS invited Iran, Saudi Arabia, the United Arab Emirates (UAE), Egypt, Ethiopia, and Argentina to join its ranks starting from early 2024.
President Xi Jinping of the People’s Republic of China hailed this expansion as a catalyst for renewed collaborative efforts. He underscored the global influence and shared responsibilities of BRICS nations.
Russian President Vladimir Putin, absent from the summit due to an international arrest warrant, expressed his gratitude to Ramaphosa for championing this expansion. Putin remarked, “The deliberate and irreversible shift away from reliance on the US dollar in our economic interactions is gaining momentum.”
At the Johannesburg summit, Brazilian President Luiz Inacio Lula Silva advocated for the adoption of a common currency to mitigate vulnerabilities tied to the dollar exchange rate.
Antecedent to the Johannesburg gathering, more than 40 nations demonstrated interest in joining BRICS, with 23 countries formalizing their applications.
The existing BRICS members collectively account for 40 percent of the global population. In contrast to the early 2000s when they represented 7,7 percent of the global GDP, their current share exceeds 25 percent. Anticipating an augmented influence with new entrants, projections indicate this share could reach around 30 percent.
Prof. Dr. Coşkun Küçüközmen, a faculty member at Izmir University of Economics, offered insights into BRICS’ expansion on the Harici YouTube channel. He observed that BRICS encompasses states desiring a shift from the prevailing global system and those adversely impacted by it.
‘The convergence of contrasts and victims within BRICS’
“At first glance, their intention is to establish a counterbalance to Western dominance. They believe that having a voice in global trade necessitates a presence in global politics.”
Küçüközmen highlighted that certain recent entrants to the group grapple with substantial challenges, stating, “They are bound by the USD, subject to sanctions, hindered in dollar transactions, and they perceive themselves as victims.”
Additionally, Prof. Dr. Küçüközmen highlighted BRICS’ role in aligning opposing poles, remarking, “BRICS accommodates even countries at odds, such as China and India. Today, the alignment of China and India on any issue would be an apprehensive prospect for the Western world. An amicable relationship between India and China would significantly reshape the global power dynamics.”
While advocating for a multipolar world based on rationality, Küçüközmen cautioned against confrontational tendencies, emphasizing that such a trajectory could trigger a catastrophic scenario like the collapse of the global financial framework.
Prof. Dr. Coşkun Küçüközmen emphasized that Turkey, as a nation that remarkably founded a republic in the early 20th century, “cannot afford to position itself as a victim.” According to him, Turkey, resurrected under Atatürk’s leadership from what seemed like extinction within five years, possesses the potential to lead and influence. “Had Turkey harnessed its human and material resources to the fullest, it could be standing at the core of BRICS, with these nations rallying around it…”
Küçüközmen urged Turkey to honor its foundational values and ascertain its rightful place in the global landscape by asking, “Where do we belong?”
