Thailand’s administration has stated that it aims to apply to join the BRICS alliance as early as this month. The Asian country seeks to expand its worldwide presence alongside the rest of the global south.
At a cabinet meeting on Tuesday, the Thai government confirmed plans to apply to the bloc. If authorized, the Asian country would become the first Southeast Asian country to join the BRICS.
Joining the BRICS alliance would help Thailand, especially as a strong voice for developing countries. As the EU expands, it seeks to broaden its reach among rising economies, luring them away from the US dollar.
Thailand Focus Aligns with BRICS
Thailand is a member of the ASEAN group, which includes nine other Southeast Asian countries. Last year, the leaders of these countries signed a declaration agreeing to quit using the US dollar in international trade. Instead, they decided to promote their respective local currencies.
The move increased the power of ASEAN’s indigenous currencies. This goal aligned with BRICS’ mission to encourage de-dollarization and demonstrated to the group that ASEAN countries support the BRICS program.
Once Thailand submits its BRICS application, it is unclear how long it will take for the bloc to answer. The country may have to wait until this fall’s annual BRICS summit in Russia. Suppose a Thai government representative is invited to the summit. In that case, it will bode well for the country’s future in the alliance.