Should Azerbaijan join BRICS: Analyzing the potential consequences

By Faiq Mahmudov

On August 20 , Azerbaijan took a significant step on the global stage by officially applying to join BRICS, a prominent international organization that brings together some of the world's largest and most influential emerging economies. This move, confirmed by Azerbaijan’s Foreign Minister Jeyhun Bayramov, signals Baku's ambition to align itself with a dynamic bloc that is increasingly shaping the global economic and political landscape. Bayramov underscored BRICS as one of the most sought-after organizations globally, drawing the interest of numerous countries due to its growing influence and potential for fostering economic cooperation and development. Azerbaijan’s application not only reflects its strategic interests but also its desire to play a more active role in global affairs, tapping into the vast opportunities that BRICS membership could offer.

In response to this significant development, News.Az reached out to leading experts to explore the potential pros and cons of Azerbaijan's membership in BRICS.

Sadraddin Soltan, Head of the Middle East Research Center , discussed Azerbaijan's strategic goals in joining BRICS: "BRICS represents more than half of the world's population, with economic powerhouses like India and China as members. This translates into a massive market of over four billion consumers. For Azerbaijan, which is both a consumer and producer, this presents a valuable opportunity. The market offers a profitable avenue for Azerbaijani goods, catering to both high-demand consumers and those with lower incomes. Moreover, Azerbaijan’s oil and gas sectors stand to benefit significantly from this new market. BRICS membership opens up fresh opportunities for importing goods that align with Azerbaijan's needs."

Soltan also emphasized Azerbaijan's existing bilateral agreements with Russia and China: "Joining BRICS will facilitate the implementation of these agreements. The Middle Corridor, which runs through the Caspian Sea, will create new pathways for Indian and Chinese goods to enter Azerbaijan, and from there, reach European and global markets via Georgia, Turkey, or the Black Sea. BRICS membership is poised to bring substantial economic benefits to Azerbaijan, particularly in terms of transport, import, and export."

Economist Eldeniz Amirov also shared his views with News.Az, stating that joining BRICS poses no economic risks for Azerbaijan; rather, it offers potential advantages: "To understand the benefits of BRICS membership for Azerbaijan, one must first consider the economic power of the BRICS nations. Since 2018, BRICS has outperformed the G7, currently holding 35% of global GDP compared to the G7's 30%. This demonstrates the value BRICS can bring to new members like Azerbaijan. While there may be some political risks, such as pressure from Western countries, Azerbaijan's multi-vector foreign policy is well-equipped to navigate these challenges."

Amirov further noted that Azerbaijan's growing geopolitical role can contribute to BRICS: "Azerbaijan has a track record of mediating between competing global powers, such as easing tensions between Russia and Turkey, and between Turkey and Israel. As a BRICS member, Azerbaijan could play a vital role in normalizing relations between BRICS nations and non-member states."

Amirov also highlighted Azerbaijan's strategic position at the crossroads of key Eurasian corridors, and its strong partnerships with most BRICS members: "Azerbaijan’s ties with China are particularly robust, with China being one of Azerbaijan’s top four trade partners. Azerbaijan plays a critical role in China's One Belt, One Road initiative and serves as a transit hub for Chinese goods. While there was some tension with India over its arms sales to Armenia, these relations are now on a path to normalization. Azerbaijan's position as a key transit country in the North-South Corridor further underscores its strategic importance."

In conclusion, Amirov suggested that BRICS membership could benefit nearly all sectors of Azerbaijan's economy: "BRICS is expanding rapidly, with around 59 countries expressing interest in joining. This growing bloc presents vast opportunities for Azerbaijan's non-oil sector, as well as other areas of its economy."

It's worth noting that BRICS, initially comprised of Brazil, Russia, India, China, and South Africa, has recently expanded to include Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates, with more countries eager to join the bloc.

News.Az