Finance Minister Kenan Yaghi recently made an announcement during the Petersburg International Economic Forum held in Russia, where he represented Syria. Yaghi stated that Damascus intends to apply for membership in the BRICS bloc and the Shanghai Organization.
Yaghi’s statement comes at a time when 19 countries, including leading economies in the region, are awaiting approval to join the bloc. The BRICS bloc has become a prominent global economic alliance. Therefore, it is important to understand the significance and requirements for joining the BRICS. Can Syria currently meet these requirements, or are there other implications to consider?
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The discussion surrounding the “BRICS” began in 2005. However, it was officially announced as the (BRIC) forum after the summit of the presidents of Brazil, Russia, India, and China in Yekaterinburg, Russia, in 2009. This forum marked the establishment of a new multipolar global economic system. South Africa joined the forum in 2010, leading to its renaming as (BRICS), encompassing five countries with the fastest economic growth in the world.
The BRICS countries collectively represent approximately 40% of the world’s population and occupy 26% of the global land area. In 2020, the BRICS countries made a significant contribution to the global GDP, accounting for 27% of it. Remarkably, for the first time last year, they surpassed the advanced economies of the Group of Seven (G7) countries. The BRICS contribution to the global economy reached 31.5%, surpassing the G7’s contribution of 30.7%.
Does Syria have the requirements to join?
Regarding the importance of Syria’s application to join the BRICS bloc and the likelihood of its success, Dr. Adnan Suleiman, an economics professor at Damascus University, expressed his perspective in a statement to Athr Press. He emphasized that Syria currently faces significant economic challenges, with a modest growth rate and a gross domestic product of around $30 billion after enduring 12 years of war and economic devastation. Syria also experiences trade and balance of payment deficits, with minimal exports. Dr. Suleiman believes that meeting the necessary conditions for joining the BRICS in the near future is difficult to achieve.
When comparing the prospects of joining the BRICS and the Shanghai Cooperation Organization (SCO), the economics professor suggests that there may be a preference to join the SCO due to its focus on geopolitical and security matters, with less stringent joining requirements. While joining the BRICS is deemed necessary and potentially beneficial for development and investment, Dr. Suleiman opines that it would require substantial time and effort to improve Syria’s macroeconomic indicators in the foreseeable, medium, and long term.
This article was translated and edited by The Syrian Observer. The Syrian Observer has not verified the content of this story. Responsibility for the information and views set out in this article lies entirely with the author.
