Thailand takes next steps to join BRICS

Thailand is pushing ahead with its application to join BRICS, the group of developing countries that includes Brazil, Russia, India, China and South Africa, but experts say they are skeptical about whether it is the right move.

Members want to build an alternative to the U.S. dollar and the world financial system tied to it. They have created financial initiatives such as the New Development Bank, seen as a competitor to the World Bank and the International Monetary Fund.

Since Thailand’s Cabinet approved a draft application in late May, the effort to join BRICS has developed quickly.

Thailand’s new foreign minister, Maris Sangiampongsa, returned to Thailand last week following a BRICS meeting in Nizhny Novgorod, Russia.

Foreign Ministry spokesperson Nikorndej Balankura said in a written statement to VOA that Maris had met with his Russian counterpart regarding BRICS.

“At the BRICS Foreign Ministers’ meeting this week, the minister of foreign affairs delivered to H.E. Mr. Sergey Lavrov, minister of foreign affairs of the Russian Federation, as the current BRICS president, Thailand’s formal letter of intent to join BRICS, for the grouping’s consideration. We anticipate that BRICS will now consider Thailand’s request based on its processes.” according to the statement.

Nikorndej, added in the statement that it is in Thailand’s national interest to join BRICS.

“Thailand views that BRICS has an important role to play in strengthening the multilateral system and economic cooperation between countries in the Global South, which aligns with our national interests.

“As for economic and political benefits, joining BRICS would reinforce Thailand’s role on the global stage, and strengthen its international cooperation with emerging economies, especially in trade, investment, and food and energy security,” the statement said.
“The government is desperate to show deliverables,” Thitinan said. “BRICS in my view is a misguided path to show results, it puts Thailand into other countries’ agenda. Thailand wanted to be more balanced and neutral,” he added.

Other Southeast Asian nations have doubts about BRICS

Indonesia, the most populous country in Southeast Asia, declined to join BRICS in 2023. Experts say one of the reasons is that Jakarta wants its foreign policy to remain nonaligned.

Thitinan said Indonesia was unsure of the direction of BRICS.

“Indonesia has opted out. It doesn’t know where BRICS is going. Thailand is not really intent on being anti-Western. And BRICS is becoming anti-Western.”

Some experts have told VOA that Thailand’s bid to join BRICS is only “symbolic.”
China has close relations with Thailand, and it is a founding member of BRICS. Some experts believe Beijing is a key factor to why Thailand would like to join BRICS.

China was Thailand’s largest trading partner, with $135 billion in trade last year, and Chinese visitors are key to Thailand’s tourist economy.

Beijing’s influence is something to consider, said Benjamin Zawacki, author of “Thailand: Shifting Ground Between the U.S. and a Rising China”.

“From a Chinese perspective … it would love to have the rest of the BRICS [and] other countries that sort of see the world the same way from a financial standpoint, and counting Thailand among that … that group, would be to its benefit,” he said.

Ian Chong, a political scientist from Singapore, told VOA economic interests are more persuasive for Thailand.

“Thailand’s interest in joining BRICS is that the current Thai government may believe that it offers the country more economic options. They include diversifying financial ties and supply chains, and the possibility of currency support in a crisis. This may have to do with the Thai establishment view that their country’s economic future is tied with the PRC. The type of support the BRICS can actually deliver remains to be seen.”/VOA/