Thailand takes next steps to join BRICS

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, reports VOA.
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.
BRICS countries contribute to over $28 trillion of the world’s $100 trillion economy. The group says it wants emerging economies to have a larger representation worldwide, arguing that Western countries in North America and Western Europe dominate global financial bodies such the World Bank and the International Monetary Fund.
However, in recent years the BRICS alliance has been seen as anti-Western, with China and Russia interested in the world’s economy becoming less reliant on the U.S. dollar.
Washington’s relations with Beijing and Moscow have soured over a variety of geopolitical issues, including China’s crackdown in Hong Kong and on Taiwan’s sovereignty and Russia’s war in Ukraine.
Thitinan Pongsudhirak, a political science and international relations professor at Bangkok’s Chulalongkorn University, told VOA Friday that BRICS has become too much of a political effort against the West.
BRICS "initially began as a kind of a platform, a geo-economic grouping. But now, I think it has become a more geopolitical company outfit,” Thitinan told VOA.
“BRICS is kind of being turned into a ... geopolitical front against the West,” he added.
Nikorndej said it is up to each country to decide its own national interests and that Thailand wants to work with all its partners, despite their differences.
“Every country’s decision to support or join regional/international groupings is based on their respective national interests. Thailand maintains good relations with all countries and, as a bridge-builder, promoter of peace, and believer in shared benefits for all, we could play a role in enhancing the synergies between various international groupings,” he said.
Maris reiterated Thailand’s wish to become part of BRICS at a media event at Thailand’s Ministry of Foreign Affairs in Bangkok on Friday and later confirmed to VOA that Thailand wishes to work with everyone despite geopolitical tensions.
He said in a speech at a meeting with reporters that Thailand’s desire to is to return as a key global and regional player, adding BRICS will “enhance our voice in the Global South.” He said BRICS is among other Thai initiatives that will aid that strategy.
Thitinan, though, said he believes Thailand’s efforts to join the group are “misguided” and only play into the agenda of key member states such as China and Russia.
“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.”