In its pursuit of increased international economic policy participation and influence, Thailand hopes to become the first Southeast Asian country to join BRICS. BRICS is an association of five major emerging national economies: Brazil, Russia, India, China, and South Africa. The Thai Cabinet validated the draft application letter on May 28, signifying the country’s intention to join the group. Although experts argue that the membership may offer Thailand only symbolic, rather than substantial benefits, the administration of Prime Minister Srettha Thavisin is pressing forward with the application. The plan is to submit it during a BRICS summit in October in Kazan, Russia.
The Thai government views BRICS membership as a way to foster a “new world order,” according to an official announcement. Mihaela Papa, Senior Fellow at the Fletcher School at Tufts University, claimed that joining BRICS would increase Thailand’s exposure to the policy agendas and influence of China and Russia.
BRICS, which was formed by Brazil, Russia, India and China in 2006 and later expanded to include South Africa in 2010, focuses on the development of alternatives to the US dollar-based economic and financial system. The group, which recently added Iran, Egypt, Ethiopia and the United Arab Emirates as members, has initiatives such as the New Development Bank and the Contingent Reserve Arrangement.
However, analysts argue that the bloc’s effectiveness is hindered by geopolitical tensions and discrepancies among its members. According to Soumya Bhowmick, Associate Fellow at the Observer Research Foundation, the diverse interests among BRICS members pose challenges in reaching consensus.
Meanwhile, Thailand has already formed alliances with the Asia-Pacific Economic Cooperation (APEC), Indo-Pacific Economic Framework (IPEF) and Regional Comprehensive Economic Partnership (RCEP). The country’s trade volume with China, one of its key trading partners, increased to $175 billion in 2023 due to its association with RCEP.
Despite this, the assertion is that joining BRICS would primarily be a political, rather than an economic, move. Hung Tran, a nonresident senior fellow at the Atlantic Council, believes that BRICS membership is unlikely to yield significant economic benefits for Thailand or ASEAN beyond political symbolism.
Thailand’s bid for membership is premised on the country’s focus on multilateralism and the representation of developing countries in international systems – principles that align with those of BRICS. However, according to Mihaela Papa, Thailand’s application only commences the discourse. In the coming October summit, the potential advantages of a BRICS membership will become clearer. Others, like Eerishika Pankaj, director of the New Delhi-based Organization for Research on China and Asia, believe that Thailand’s entry to BRICS may not immediately inspire other nations in the region to follow suit.
