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BRICS News: Turkey Backtracks on Alliance, Joins Saudi Arabia
Turkey has shockingly withdrawn its interest in joining the BRICS economic alliance, instead opting to form a new partnership with Saudi Arabia. This sudden reversal comes as a major blow to the bloc’s expansion plans, which were already under scrutiny.
Despite previous reports suggesting that Turkey would be joining the alliance of developing countries, comprising Brazil, Russia, India, China, and South Africa, Ankara has now made a u-turn. The reason behind this unexpected move remains unclear, but analysts believe it may have something to do with the looming threat of heavy tariffs on nations moving away from the U.S. dollar.
Turkey’s decision aligns with Saudi Arabia’s earlier stance, effectively killing any chance of the alliance expanding its reach in the Middle East and North Africa regions.
The BRICS group has been working tirelessly to de-dollarize global trade by creating a new financial system that is not dependent on the U.S. dollar. However, it appears this effort has been severely hampered by Turkey’s decision to join Saudi Arabia instead.
It remains unclear why the Turkish government decided to abandon its plans to join BRICS and opt for a different partnership with the Kingdom of Saudi Arabia. Some speculate that Ankara may have been influenced by the Trump administration’s promise to impose 100% tariffs on countries willing to leave the U.S. dollar. This threat, some believe, has made countries hesitant to join the alliance.
It is difficult to say conclusively whether the BRICS bloc will be able to achieve its objectives or why its endeavors, such as de-dollarization, have recently hit a snag.
Source: www.crypto-news-flash.com
