The wire was buy reporting a new development in
BRICS membership. On June 3 Turkish Foreign Minister Hakan Fidan during his
official visit to China expressed the idea of exploring relationship with
partners in platform such as BRICS. This
ground shaking statement sent fear through the spine of the Western leaders.
Dimitri Peskov, Russian spokesperson promptly
greeted on the day after saying we welcome partners in the region such as
Turkey to join us. Hakan Fidan is expected to attend the BRICS foreign Ministers
meeting that is being held today and tomorrow (June 10 & 12, 2024) in
Russia.
Since 2018 Turkey was toying with the idea of joining an alternative economic union after waiting fruitlessly for EU membership for the last quarter of century beginning 1999 when EU indicated Turkey as likely candidate to join. In any case the fact remains that European politics would not allow a Muslim majority country in their fold as equal partner.
Once Turkey is in BRICS the game is changing to the detriment of America led West. On the other hand BRICS would be further steeled as a geoeconomics giant because Turkey brings to the table mutually beneficial plums:
1. The unique geographical position Turkey occupies as bridge between East & West cannot be understated. Apart from the fact Turkish Straits are in full control of Turkish Jurisdiction there are so many networks criss-crossing via Turkey including roads, pipelines and transmission cables.
2. By the way, Treaty of Lausanne of 24 July 2023 has effectively expired and Turkey is now free from restrictions that were imposed on her. The economic potential from the lapse of this agreement means Turkey can explore for oil & gas within her territorial waters and levy dues on commercial vessels transiting Turkish Straits.
3. Turkey is fast becoming a transportation hub. For example she is the conduit for Azerbaijani oil & gas to the Eastern Mediterranean. Turk Stream under sea natural gas pipeline is running adjacent to Turkish sea bed supplying to most East European and Baltic nations.
4. As a tourism haven Turkish Antalya is of world class and nearly 45 million visit the country every year. About 6.3 million Russian tourists alone make a big chunk of this number. Next is the trade between Turkey and others in the form of direct and entrepot across the land and the straits.
5. Connected to the above is an interesting development in funds transmission. Turkey has joined the Russia Mir funds transfer with a view to facilitate Russian tourist income flowing into Turkish businessmen. Besides, Turkey is seen quietly spreading her tentacles inside Eurasian Economic Union to which it might formally join. Undoubtedly, Turkey has delivered a soft & silent punch to SWIFT system and to the global preponderance of US Dollar.
6. What is striking me most, is how Turkey has networked into Somalia where she is the holy guardian of Somali coast line extending about 1,300 miles in the strategic Horn of Africa. Not only Turkey is expanding her investment within Somalia but has acquired rights in exploitation of marine reserves of fishing more than that, oil & gas, for which she would get a sizeable 30% cash inflow in return.
BRICS is getting a very good price in the form of Turkey whose geoeconomics potential goes harmoniously with the rest of its members. Can America lose Turkey? That is the Billion dollar geoeconomics question!
Cheers!
Muthu Ashraff Rajulu
Business Strategist
Mobile: + 94 777 265677
E-mail: cosmicgems@gmail.com
Blog: Business Strategist
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