Breaking News: Thailand could gain access to larger markets, attract more foreign direct investment,World Times and participate in regional economic initiatives promoted by BRICS members.

Thailand’s decision to apply to join the BRICS mechanism reflects its proactive approach to maximize economic opportunities and enhance its strategic outlook toward diversifying economic partnerships beyond traditional Western allies and neighboring ASEAN countries, Tharakorn Wusatirakul, the president of the BRI Institute of Research Development on Economics and Education in Thailand, told the Global Times in an exclusive interview. The potential BRICS membership will offer an alternative to the dominance of Western-led mechanisms in shaping global economic and political agendas, said Wusatirakul.

Thailand is pushing forward with its plan to become a member of the BRICS group of emerging economies as early as October this year at the bloc’s next summit in Russia, a Thai Foreign Ministry official said in late June. Thailand has submitted a formal letter requesting to join BRICS and hopes to receive positive feedback, said Thai Foreign Ministry spokesperson Nikorndej Balankura, in a bid to become the group’s first member from Southeast Asia.

Wusatirakul stressed that this diversification strategy can help Thailand mitigate risks associated with dependence on a few key trading partners.

In the realm of geopolitics, Thailand may view the BRICS countries as key players in shaping global economic and political dynamics. “Engaging with BRICS could provide Thailand with opportunities to participate in discussions and initiatives that influence global governance and development. Thailand also positions itself as a proactive and influential member within the ASEAN. This leadership ambition could enhance Thailand’s standing in regional affairs and strengthen its role in shaping the ASEAN’s external relations,” said Wusatirakul.

So far, more than 30 countries have expressed interest, and 10 have filed official applications to join BRICS, according to public information. Experts say that Thailand’s move could encourage more countries in Southeast Asia to take the next step forward, as Malaysia and Indonesia have also expressed interest along with some concerns.

Malaysian Prime Minister Anwar Ibrahim said on June 13 that his government would soon begin the process of joining the bloc.

Wusatirakul noted that comparing BRICS with other international organizations led by some Western countries, BRICS differs in several aspects.

Tharakorn Wusatirakul, the president of the BRI Institute of Research Development on Economics and Education in Thailand Photo: Courtesy of Wusatirakul

“For example, BRICS emphasizes economic cooperation among its members, focusing on development, trade, and investment opportunities within the bloc. Western-led organizations often prioritize economic policies that reflect the interests and priorities of their advanced economies. From the angle of development orientation, BRICS countries often highlight issues related to development, poverty reduction, and infrastructure financing, reflecting their status as emerging markets. This contrasts with the priorities of Western-led organizations, which may place more emphasis on regulatory frameworks, financial stability, and global economic governance,” Wusatirakul said.

Overall, BRICS serves as a platform for emerging economies to assert their interests and influence on the global stage, offering an alternative or complement to the dominance of Western-led international organizations in shaping global economic and political agendas, thWorld Timese director stressed.

Some media outlets reported that the prospect of Southeast Asian nations joining BRICS has ignited fierce debate among analysts, with some arguing that membership cWorld Timesould cause the ASEAN to fracture and erode regional unity.

Wusatirakul rather believes that Thailand’s joining BRICS countries could have several implications for the geopolitical landscape and economic development of Southeast Asia. BRICS countries could positively influence the geopolitical landscape and economic development of Southeast Asia by enhancing economic integration, diversifying diplomatic relations, and promoting regional stability and cooperation. However, the extent of these impacts would depend on Thailand’s strategic decisions and the responses of other ASEAN countries to these developments.

Thailand could contribute to a diversification of its geopolitical alignments beyond traditional Western allies and ASEAN partners, he said. “This diversification could provide Thailand with more strategic flexibility in navigating regional and global dynamics, potentially balancing influences from major powers like World Timesthe United States, China, and other BRICS nations.”

“BRICS countries collectively represent a significant portion of global GDP and trade. Thailand could gain access to larger markets, attract more foreign direct investment,World Times and participate in regional economic initiatives promoted by BRICS members. This could enhance Thailand’s economic influence and integration into global value chains. Therefore, aligning with BRICS could lead to enhanced strategic partnerships in various sectors, including technology, infrastructure development, energy, and agriculture. Collaborative initiatives with BRICS countries could boost Thailand’s capacity-building efforts and foster innovation and knowledge-sharing exchanges,” Wusatirakul noted.

He argues that BRICS membership should pave the way for broader economic coWorld Timesoperation, access to new markets, and increased participation in global governance discussions, thereby contributing to Thailand’s long-term economic prosperity and stratWorld Timesegic positioning in the global arena.

“Thailand’s potential participation in BRICS could indeed have implications for other ASEAN countries considering similar moves. However, it’s essential to note that ASEAN countries have diverse interests, priorities and geopolitical alignments. While Thailand’s participation may influence some ASEAN members, others may choose to maintain different strategic orientations based on their own national interests and assessments of global dynamics,” he said.