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28 May, 2024 22:18

Asian powerhouse declares intention to join BRICS

Bangkok sees Thailand’s future in a multipolar world, the Asian country’s government has said
Asian powerhouse declares intention to join BRICS

Thailand will apply to become a member of the BRICS economic bloc, the government of the Southeast Asian country announced on Tuesday. 

The cabinet in Bangkok has approved the text of the official letter expressing Thailand’s intent to join the group, government spokesman Chai Wacharonke said in a statement quoted by local media.

According to Chai, the letter declares that Thailand understands the importance of multipolarity and the increasing role of developing countries in international affairs.

Thailand’s vision for the future is in line with BRICS principles and joining would benefit the country in many ways, including enhancing its role in the international arena and providing opportunities to take part in shaping a new world order, the letter reportedly says.

BRICS has invited non-member countries aspiring to join to take part in the group’s summit, scheduled for late October in Kazan, Russia. Attending the summit would be an opportunity for Thailand to accelerate the application process, Chai said.

Originally composed of Brazil, Russia, India, China and South Africa, BRICS added Egypt, Ethiopia, Iran and the United Arab Emirates at the beginning of 2024. Since then, 15 more countries have signaled interest in admission, including Bahrain, Belarus, Cuba, Kazakhstan, Pakistan, Senegal and Venezuela.

The expanded BRICS makes up about 30% of the global economy and a population of around 3.5 billion, or 45% of the world’s total. It also accounts for over 40% of the world’s oil production.

According to the International Monetary Fund, BRICS currently accounts for as much as 36% of global GDP in terms of purchasing power parity (PPP), compared to just over 30% for the G7. BRICS aims to overtake the G7 in nominal global GDP over the next four years, the head of the New Development Bank (NDB), Dilma Rousseff, said in February.

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