Thailand wants to join BRICS

Thailand could become the first Southeast Asian country to join the BRICS after its government recently approved a letter of intent to join the economic cooperation organization.

According to Chai Wacharonke, a spokesman for the Thai government, they hope that BRICS membership will enhance Thailand’s international status and increase opportunities on the international stage.

The spokesman emphasized that the Thai government recognizes the importance of multilateralism and the increased role of developing countries in the international arena, and that Thailand’s vision is in line with what the BRICS countries advocate, the state-controlled Chinese newspaper Global Times reported. Among other things, it hopes to cooperate more closely with other countries in the South, where it will be more visible and heard in global affairs.

According to a report by the Bangkok-based Kasikorn Research Center, Thailand will have new development opportunities if it joins the BRICS cooperation. The country’s trade with BRICS countries already accounts for 22.8% of its total trade volume, and membership could further diversify trade and investment, the report said.

“Great economic horizons”

– Given the influence of BRICS countries in the global trade negotiations, Thailand’s government has made a right and the win-win decision to apply for BRICS membership, Wang Youming, director of the Institute of Developing Countries at the China Institute of International Studies in Beijing, told the Global Times on Wednesday.

– Joining BRICS opens vast economic horizons for this Southeast Asian country as it is working hard to develop modern technologies and digital transformation as part of its sustainable development goals, Wang added.

At the turn of the year, Egypt, Ethiopia, Saudi Arabia, and the United Arab Emirates were welcomed as new BRICS members, and the organization’s ambition is for significantly more countries to join in the coming years.

The group was formed in 2009 by Brazil, Russia, India and China, with South Africa joining a year later. One of its aims is to act as a counter or alternative to the global political and economic dominance of the United States and the G7 countries.