2024-09-14 17:05:30
Turkey’s possible membership in the BRICS group of emerging market economies may have negative consequences for its foreign trade due to the fact that the main share of it falls on the EU countries. This is what Sinan Yülgen, head of the Center for Economic and Foreign Policy Studies (EDAM), believes, writes today in “Hurriet”.
According to him, Turkey’s relations with the EU in the sphere of import and export are balanced, while there is a very serious imbalance with China.
He pointed out that the total inflow of foreign capital into Turkey since 2002 has reached 188 billion dollars, of which 142 billion dollars came from Western countries, including 119 billion dollars from the EU.
The inflow of capital from the BRICS countries to Turkey during the same period amounted to only 14 billion dollars, Yulgen pointed out.
According to him, Turkey’s membership in BRICS can lead to a change in the behavior of Western partners regarding the export of capital, writes BTA.
At the beginning of the month, Bloomberg reported that several months ago Turkey submitted an official application to join the BRICS group.
Many Turkish experts believe that Turkey’s decision to apply for BRICS membership was influenced by its frustration with the years-long process of European integration. Ankara has officially been a candidate for EU membership since 2005.