Thailand will apply to join BRICS to become the group’s first Southeast Asian member, after Thailand’s cabinet approved a letter of intent for the country to join the organisation, Thai media reported on Tuesday.
Analysts said that from the BRICS group’s own perspective, its expansion through more members contributes to a more balanced global economy and further development of the global South.
Thai government spokesman Chai Wacharonke said the country recognises the importance of multilateralism and the growing role of developing countries in the international arena. According to a Bangkok Post report published on Tuesday, the country’s vision is in line with the BRICS principles. Joining BRICS will raise Thailand’s international status and enhance its capabilities in the international arena, the spokesman said.
The draft letter also lists dozens of benefits for Thailand from joining BRICS, one of which is the opportunity for the southeastern country to join hands with other countries in the Global South to strengthen its presence on the global stage.
Social media has also responded favourably to the application. A Thai netizen wrote on social media platform X on Wednesday:
“The strong dollar is scaring Thailand again. People in Thailand are no longer interested in accepting US currency for payment.”
Local media and think tanks have also helped create a favourable atmosphere for acquiring BRICS membership. On 25 August 2023, the Nation newspaper reported that due to worsening global economic problems, more countries may consider joining BRICS to solve economic problems, adding that joining BRICS would open economic opportunities for Thailand.
New opportunities for development
According to a report by Bangkok-based Kasikorn Research Centre, if Thailand joins the BRICS cooperation mechanism, it will gain new development opportunities.
Thailand’s trade with BRICS countries accounts for 22.8 per cent of the country’s total trade. For Thailand, joining BRICS will help diversify trade, investment and financial risks and gain new development opportunities, the report said.
Seeking mutually beneficial cooperation for a common future, BRICS accepted Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates as new members during the bloc’s summit in August 2023. Their membership took effect from 1 January 2024, Xinhua news agency reported.
China also congratulated the countries, saying it will inject new vitality into the BRICS co-operation mechanism and further strengthen the forces for world peace and development.
