ASEAN Giants And EU Aspirants Seek BRICS Membership

The list of countries seeking BRICS membership continues to grow. Prominent ASEAN economies such as Thailand, Vietnam, and Malaysia have expressed an interest in joining the bloc and even states who have applied to join the European Union, such as Turkey and Serbia, are considering whether joining BRICS may be the better option.   

According to Prime Minister Anwar Ibrahim, Malaysia is eager to join the BRICS due to concerns about currency stability and the desire to explore alternatives to the Western-dominated global financial system. In an interview with Chinese state media earlier this year, the Prime Minister bemoaned the fact that Malaysia’s currency has declined despite the country achieving record-high investment levels. The leader went on to question why Malaysia should use the US dollar when trading with other emerging market economies.

From a BRICS perspective, Malaysia, an industrialized market economy with a significant service sector and low unemployment, would certainly make a good addition to the bloc. The country is a major exporter of natural resources like tin, rubber, and palm oil, and has emerged as a centre for Islamic banking. The strategic Strait of Malacca also enhances Malaysia's importance as the waterway accounts for some 40% of global trade.

BRICS membership could see Malaysia boost its trade, reduce tariffs, and attract investments, particularly from neighbouring giants like India and China. This move could elevate Malaysia's strategic and economic position on the global stage, offering substantial benefits in terms of growth, influence, and development financing, while giving BRICS enhanced control over a key trade route in the Pacific Ocean.

Turkey

Earlier this year, Bloomberg reported that Turkey was considering joining BRICS. The news follows years of stalled accession talks with the EU, hinting at Turkish frustration with Brussels. Despite being a member of the Council of Europe as well as the EU Customs Union, it appears unlikely that Turkey will ever be welcomed as a full EU member. This may have motivated Ankara to seek BRICS membership instead.

Given its membership in NATO and its status as the second-largest non-G7 economy in Europe after the Netherlands, Turkey’s potential inclusion in BRICS would be a significant development. After Indonesia, Turkey is also the largest economy by GDP PPP that is neither a member of the BRICS or the G7. Strategically located, Turkey plays a vital role as a regional power, with 50,000 vessels and 25% of global wheat exports passing through the Bosphorus each year.

BRICS membership could offer Turkey hope in its battle against inflation, with increased trade in local currencies potentially boosting the lira in combination with investments from the world’s leading developing economies. Joining BRICS could give also provide Turkey with access to the New Development Bank and its Contingent Reserve Arrangement, offering alternative financing options with fewer political strings attached.

Turkish politicians may also view BRICS membership as a form of leverage to gain more from the West as well as a means of ensuring the nation’s political autonomy despite close ties to the EU and NATO. This aligns with Erdogan’s desire to maintain economic independence and reduce external pressures, both hallmarks of his nationalistic policies following a 2016 coup attempt the Turkish President believes to have been orchestrated by insurrectionists based in the US.  

Turkey’s relations with its fellow NATO members has been further strained by Western support for Kurdish insurgents in Syria which Ankara considers terrorist groups. This has seen Ankara mend ties with historical rivals Russia and Iran. The three powers now co-operate on security matters despite objections from Washington.

Turkey has ultimately proven adept a balancing relations between East and West, reflecting its geographical position on the globe, and BRICS membership could enhance Turkey’s leverage in both directions.

Serbia

Serbia should pick BRICS over Brussels according to its Deputy Prime Minister Aleksandar Vulin. The largest republic of the former Yugoslavia applied for EU membership in 2009 and has been a candidate since 2012, but the EU recently demanded recognition of the breakaway province of Kosovo as a condition for Serbia’s ascension to the world’s largest economic union.  

This moving of the goalposts has apparently angered Belgrade who has never forgiven NATO for its aerial bombing campaign in 1999. The controversial intervention wasn’t approved by the UN security council and made use of depleted uranium munitions. Serbia’s cancer rates have been the highest in Europe ever since.

Vulin contrasted the different approaches between the BRICS and the EU, with BRICS forming a loose association of countries who agree on whatever they can in contrast to the EU which has stringent application procedures and has increasingly sought uniformity from all its members.

“BRICS does not ask anything of Serbia and offers more than we could want. The EU asks of us everything, and I’m no longer sure what it has to offer,” Vulin told the Russian media in a recent interview. “We see BRICS as an opportunity and an alternative,” he added. Serbia is expected to be invited to the up-coming BRICS leaders’ summit in Russia.

Despite enormous pressure from Brussels, Belgrade has not joined the US and EU embargo against Moscow, officially pledging neutrality in the Ukraine conflict and maintaining trade relations with both Russia and the West. According to Vulin, this has put Serbian President Aleksandar Vucic at risk of a “colour revolution” and even assassination.

Vulin controversially remarked that when someone calls for peace in Ukraine “they get shot at”, noting attempted assassinations on Slovakian PM Robert Fico and former US President Donald Trump. Serbia, Hungary and Slovakia have all called for a negotiated end to the Ukraine conflict, putting these states at odds with the mainstream political parties which dominate the European Parliament in Brussels.  

While it is not clear whether Malaysia, Turkey, Serbia, or any other new nations will be invited to join the BRICS at the upcoming leaders’ summit in October, it is significant that so many nations, including states that have historically sought to join the EU, are eager to join the bloc. While this may simply be a tactic to gain leverage over their traditional partners, these moves also signal a vote of confidence in the efforts by BRICS to promote multipolarity and national sovereignty.