Thailand has announced its intention to formally apply for membership in BRICS, the international organization founded by Brazil, Russia, India, China and South Africa. The decision was taken after Tuesday’s cabinet meeting, which approved a draft official letter expressing Thailand’s interest in joining the group.
If acceptedThailand will grow to be the primary Southeast Asian country to affix BRICS.
Thailand just isn’t the one country keen to affix BRICS. Egypt, Ethiopia, Iran and the United Arab Emirates became full members on January 1, 2024, with Saudi Arabia more likely to join them soon. Nevertheless, Thailand is the primary Southeast Asian country to use.
Thailand’s interest in BRICS just isn’t latest, and this membership offer is according to Prime Minister Sretta Thavisin’s vision to strengthen Thailand’s economy and enhance the country’s international profile, which has weakened somewhat in the course of the years of direct and indirect military rule following the 2014 coup.
Government spokesman Chai Wacharonke said the move was motivated by Thailand’s belief within the importance of multilateralism and the growing role of developing countries on the planet. Thailand believes its vision is consistent with BRICS principles and that membership will bring many advantages, including opportunities to cooperate with other countries within the Global South to strengthen its global presence.
Finance Minister Thirachai Phuvanatnaranubala said last yr that BRICS membership was key for Thailand to adapt to the changing global power landscape and reduce dependence on the United States while maintaining positive long-term relations with the country.
A report by the Kasikorn Research Center in Bangkok suggests that joining BRICS would open up latest opportunities for Thailand. Currently, Thailand’s trade with BRICS countries accounts for 22.8 percent. total trade volume. BRICS membership will help Thailand diversify its trade, investment and financial risks, in addition to gain access to latest markets and investment opportunities. This is predicted to spice up Thailand’s economic growth and increase its competitiveness on the worldwide stage.
