To "sit together" with BRICS countries, Thailand approved the letter of intent to join, the first in Southeast Asia

On May 28, local time, the Thai government website announced that the cabinet meeting held that day approved the text of Thailand’s letter of intent to join the BRICS.

Thailand has previously formally submitted an application to join the BRICS cooperation mechanism. Some public opinion pointed out that after being approved by the cabinet meeting, Thailand may be in the final stage of joining the BRICS plan. Thailand plans to be invited to attend the 16th BRICS Summit in Russia in October this year and views it as an opportunity to accelerate the process of joining the BRICS. If ultimately approved, it would become the first Southeast Asian member of the BRICS.

The BRICS organization was established in 2006. It was initially composed of Brazil, Russia, India, and China, and later admitted South Africa to join in 2011. It is regarded by the outside world as an important platform for cooperation between emerging market countries and developing countries.

In January this year, Egypt, Ethiopia, Iran, the United Arab Emirates and Saudi Arabia officially joined the BRICS family. BRICS member states expanded to 10. The total population accounts for about 45% of the world, the economic aggregate accounts for about 31.5% of the world, and it produces about 44% of the crude oil for the world market.

Thailand’s pursuit of joining the BRIC family is not just a whim. As early as last August, when the 15th BRICS Summit was held in South Africa, South Africa, the then rotating chair, said that 23 countries had officially submitted applications to join the BRICS, and Thailand was on the list.

Nowadays, some commentators say that the "Land of Smiles" is preparing to move from "paper" to "action" and move towards the BRICS family and the broader international stage.

At the cabinet meeting on the 28th, the Thai government approved the text of Thailand’s letter of intent to join the BRICS. Thai government spokesman Chai Wacharom said on the same day that this letter of intent expresses Thailand's emphasis on multilateralism and its vision of strengthening the role of developing countries on the international stage. This is consistent with the principles of BRICS.

The letter of intent also pointed out that joining the BRICS will benefit Thailand in many aspects, including promoting cooperation with other developing countries, strengthening its role on the international stage, and increasing its opportunities to participate in the creation of a more inclusive new world order.

In order to achieve this goal, the Thai government has set its sights on the BRICS Summit in the second half of this year. According to previous reports, Russia is the rotating chairman of BRICS this year and will host the 16th BRICS leaders’ meeting in Kazan in October.

"BRICS countries have been pursuing the policy of expanding cooperation with non-member countries and plan to invite non-member countries that intend to join to participate in the BRICS summit in October." Thai government spokesman Chai Wachalom said on the same day that Thailand would be invited to attend. Thailand believes that this is a great opportunity to quickly advance the process of joining the BRICS, strengthen Thailand's status as a "major advocate of developing countries", and participate more in world economic policy decision-making.

If approved by the BRICS, Thailand will become the first member of the BRICS organization from Southeast Asia. Why is Thailand willing to take the lead among regional countries? What is the importance of adding BRIC to it?

Public opinion is trying to find answers from the characteristics of BRICS cooperation and Thailand’s demands.

From the perspective of the BRICS countries, “its main mission is to become the spokesperson for the interests of developing countries, and its goals and values ​​are consistent with most countries in the world.” Valery, head of the Multilateral Strategic Project Development Management Office of the Russian State Higher School of Economics Gorbachev pointed out.

“Over the past few decades, many countries have grown tired of the fact that the United States dominates almost the entire world economically, forcing dollar transactions, imposing economic sanctions and financial extortion. In contrast, the BRICS countries are committed to defending multilateralism and We are open to helping countries develop and promote investment and trade without any preconditions,” the Spanish newspaper Insurrectionia said.

In 2014, the BRICS countries established the New Development Bank to provide financing to member countries and countries in need, with a special focus on infrastructure and sustainable development projects. By the end of 2022, the bank had provided nearly $32 billion in loans to developing countries to build roads, bridges, railways, etc. Some Westerners lament that emerging market countries are increasing their say in the world economy through the BRICS platform and are increasingly becoming the leading force in the development of the southern hemisphere.

From Thailand's perspective, data show that currently, the BRICS countries play an important role in Thailand's trade, accounting for 22.8% of Thailand's total trade, which is close to the G7's 26.2% share of Thailand's total trade.

"With the slowdown in major European and American markets, Thailand is expected to open up new markets. Brazil and South Africa will become the gateway to Latin America and African countries, and Russia will become the gateway to the CIS countries. This will help promote The increase in Thailand’s exports,” said Chai Chan Chalonsuk, Chairman of the Thailand Seaborne Export Council.

Some Thai scholars pointed out that the BRICS countries have extensive coverage and diverse member states. They have high bargaining power in raw materials, agricultural products, fertilizers, minerals, etc., and are promoting local currency swaps and digital currency cross-border transactions. It has no market opening requirements and no FTA-like benefits, but it can open up opportunities for Thailand in another direction.

Some public opinion also pointed out that Thailand has once again demonstrated its development ambition and diplomatic foresight. "It has always been good at playing its own cards on the international stage."

However, some Westerners have always been sensitive to the "expansion" and "de-dollarization" of the BRICS countries. They regard the BRICS countries as opponents and are worried that the West's voice in global development will be lost.

On the 28th, although participants in the Thai cabinet meeting concluded that "BRICS countries are inclusive and not targeted at any group," some Thai people reminded that joining the BRICS countries may be a two-sided coin. Thai authorities must proceed carefully to avoid causing dissatisfaction with Western trading partners and triggering unnecessary trade protection measures.

It is worth mentioning that Thailand is a long-term ally of the United States in Southeast Asia. As Thailand accelerates the process of joining the BRIC, it will attract attention whether other Southeast Asian countries will follow suit.

"Great power balance" has always been regarded as the core of the foreign policy of many Southeast Asian countries. Some commentators say that Thailand’s latest move may be a subtle change in Southeast Asia’s diplomatic landscape. If more ASEAN member states decide to join, it will provide BRICS countries with unique insights into ASEAN market dynamics, and will also help further improve the "quality" of BRICS and expand its representativeness.

No matter what the next step is for Thailand and other Southeast Asian countries, what is certain is that the BRICS countries will stick to their own footsteps and continue to solve development problems through fruitful cooperation, jointly respond to global challenges, and explore a development path that truly suits them. .