BRICS Summit 2024: Big trading opportunities for Türkiye

The 10th BRICS Summit in South Africa, which President Recep Tayyip Erdo?an will attend by special invitation as the “Summit Chairman of the Organization of Islamic Cooperation”, holds new opportunities for Turkiye. Increasing economic diversity with BRICS countries, which are expected to surpass the total economic power of Western countries by 2030, and deepening trade relations with union countries will provide Turkiye with great gains on the way to becoming a global power.

The 10th BRICS Summit, to which Turkish President Recep Tayyip Erdo?an was specially invited as the "Summit Chairman of the Organization of Islamic Cooperation", is expected to provide an opportunity for Turkiye to increase its economic diversity and deepen its trade relations with the countries of the union. BRICS refers to a consultation and cooperation platform whose members are Brazil, the Russian Federation, India, the People's Republic of China, and the Republic of South Africa, which are defined as emerging markets. In this context, the BRICS Summit will also be held in Johannesburg, the capital and trade center of the Republic of South Africa, on July 25-27.

High-level contact opportunity

President Erdo?an will also attend the summit, where global economy, trade, investment, and financial cooperation will be discussed, as a special guest as the "Summit Chairman of the Organization of Islamic Cooperation". The BRICS Summit, which will be attended by many state leaders and business world representatives, will be Erdo?an's second international meeting following the NATO Summit in the new period following the June 24 elections. President Erdo?an's participation in the Summit will also constitute the first high-level contact between Turkiye and BRICS. The summit, which will be held for the 10th time this year, will be convened under the theme of "BRICS in Africa: Cooperation for inclusive growth and shared prosperity in the 4th Industrial Revolution".

Trade between Turkiye and BRICS countries reaches 60.7 bln dollars

BRICS countries, all five of which are G-20 members like Turkiye, account for more than 40 percent of the world's population and 20 percent of the global economy. With a 17 percent share in world trade, BRICS countries produce one-third of the world's industrial products and half of its agricultural products. The total foreign trade volume of Brazil, Russia, India, China, and South Africa with the world last year was $5.9 trillion.

Turkiye's total trade volume with the BRICS countries was $60.7 billion last year. Turkiye's total exports to these five countries during this period were calculated as $7.3 billion, while imports from these countries amounted to $53.4 billion.

First Turkish President visits Zambia

Following his visit to the Republic of South Africa, President Erdo?an will pay an official visit to Zambia on July 28. President Erdo?an and Zambian President Edgar Chagwa Lungu, who will hold one-on-one and inter-delegation meetings on the occasion of the visit, will discuss all aspects of the relations between the two countries and exchange views on regional and international developments. Erdo?an's visit, which is also of historical importance as it is the first official visit from Turkiye to Zambia at the presidential level, is expected to provide the opportunity for further development and diversification of relations between Turkiye and Zambia.