Thailand wishes to become the first Southeast Asian member of BRICS, a geopolitical group of developing countries including Brazil, Russia, India, China and South Africa.
The Thai Cabinet approved the draft application letter May 28, indicating the country’s intention to join the group.
But experts suggest the membership may provide Thailand, Southeast Asia’s second-largest economy, with mostly symbolic rather than concrete benefits that include existing free-trade agreements with countries such as China.
Nevertheless, the administration of Prime Minister Srettha Thavisin plans to move forward with the application during a BRICS summit, set for October, in Kazan, Russia.
'New world order'
Thailand expects the membership to enhance its participation in international economic policy and to “create a new world order,” according to a press statement by government spokesperson Chai Wacharonke.
Mihaela Papa, a senior fellow at the Fletcher School at Tufts University, told VOA by email that “joining BRICS certainly means greater exposure to China and Russia’s policy agendas and influence.”
Thailand's enthusiasm in joining BRICS supports efforts by China and Russia to expand their economic influence in Southeast Asia, Soumya Bhowmick, an associate fellow at the Observer Research Foundation in Kolkata, India, told VOA.
“By joining BRICS, Thailand can contribute to the bloc's collective influence in global economic policies, thereby supporting China and Russia's strategic goals in the region,” he said.
Co-founded by Brazil, Russia, India and China in 2006, the group added South Africa in 2010. Iran, Egypt, Ethiopia and the United Arab Emirates became members at the start of this year.
Driven in part by threats of Western sanctions, the group has sought to develop alternatives to the U.S. dollar-based economic and financial system through initiatives like the New Development Bank and the Contingent Reserve Arrangement.
The New Development Bank provides financial assistance, such as loans and equities, among BRICS member countries akin to the U.S.-influenced World Bank Group, which provides assistance to developing countries worldwide. The CRA, meanwhile, is an agreement among the BRICS central banks for mutual support during a sudden currency crisis.
However, analysts say geopolitical tensions and differences among member countries test the bloc’s effectiveness.
While “BRICS has made significant strides in trade dynamics, the diversity among BRICS members … presents challenges in aligning interests and achieving consensus. The absence of formal trade and investment agreements further complicates the bloc’s effectiveness,” Bhowmick said.
“Joining BRICS at this stage means being one of many states in this large, informal group that increasingly acts as a bloc,” Papa said. “The group’s design — a combination of large membership, rotating country presidencies and decision-making based on consensus — does not enable any BRICS state to gain much spotlight.”
Thailand is already a member of the Asia-Pacific Economic Cooperation (APEC), the Indo-Pacific Economic Framework (IPEF) and the Regional Comprehensive Economic Partnership (RCEP).
The latter is the first free-trade agreement embracing the largest Asian economies, including China, Indonesia, Japan and South Korea, and 11 other Asian countries.
But according to Hung Tran, a nonresident senior fellow at the Atlantic Council, BRICS may not bring any concrete economic results for itself or for ASEAN beyond political symbolism.
According to Tran, Thailand’s membership with RCEP, for instance, has substantially increased Thailand’s trade with fellow Asian countries since the bloc was established at the beginning of 2022.
Trade volume for Thailand increased to $175 billion in 2023 with China, which has consolidated its position as the top trade partner of Thailand, accounting for 20% of its total trade.
Groupings such as APEC and IPEF, in which Thailand has been active, are also inspired by the United States, Tran said.
“Joining BRICS would be a politically symbolic move for Thailand to show that it is open to all major countries or groups in the geopolitical context without being beholden to any sides — a stance in line with the ASEAN overall approach,” he said.
Accenting multilateralism
According to a press release by the Thai government, Thailand “has placed importance on multilateralism and the increased representation of developing countries in the international system, which is in line with BRICS principles.”
Thailand’s current application only starts the conversation, Papa said, and it will become clearer during the October summit how Thailand might benefit from membership in BRICS.
“Thailand has time to investigate what BRICS offers and if it works for its development,” she said. “After being invited to join the group, Argentina changed its mind, and Saudi Arabia has delayed accession.”
Eerishika Pankaj, director of the New Delhi-based Organization for Research on China and Asia, said a Thai entry into BRICS would be unlikely to prompt others in the region to follow quickly.
“Other Southeast Asian nations might be inspired … but they will still continue to proceed cautiously amidst U.S.-China rivalry,” Pankaj told VOA via email.
