Thailand has announced its intention to formally apply for membership in the BRICS, an international organization founded by Brazil, Russia, India, China, and South Africa. This decision follows a cabinet meeting on Tuesday, where a draft official letter expressing Thailand's interest in joining the group was approved.
If accepted, Thailand would become the first Southeast Asian country to join BRICS.
Thailand is not the only country seeking to join BRICS. Egypt, Ethiopia, Iran and the United Arab Emirates became full members on January 1, 2024, with Saudi Arabia likely to follow soon. Nevertheless, Thailand is the first Southeast Asian nation to submit an application.
Thailand's interest in BRICS is not recent, and this membership bid aligns with Prime Minister Srettha Thavisin's vision to strengthen Thailand's economy and enhance the country's international profile, which has somewhat diminished during the years of direct and indirect military rule following the 2014 coup.
Government spokesman Chai Wacharonke said the move was driven by Thailand's belief in the importance of multilateralism and the growing role of developing countries in the world. Thailand is confident that its vision is in line with the BRICS principles and that membership will bring many benefits, including opportunities to cooperate with other countries in the Global South to enhance its global presence.
Finance Minister Thirachai Phuvanatnaranubala said last year that BRICS membership is 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 that country.
A report by the Kasikorn Research Center in Bangkok suggests that joining BRICS would open up new opportunities for Thailand. Currently, Thailand's trade with BRICS countries accounts for 22.8 percent of its total trade volume. BRICS membership will help Thailand diversify trade, investment and financial risks, as well as gain access to new markets and investment opportunities. This is expected to boost Thailand's economic growth and enhance its competitiveness in the global arena.
