Thailand’s potential membership of BRICS discussed at forum

The positive outlook was underlined at the International Media Club of Thailand (IMCT)’s first seminar last Thursday in Bangkok, where two panels examined the pros and cons of becoming a BRICS member.

The first session featured the BRICS members’ ambassadors to Thailand, and the second representatives from the group’s Chambers of Commerce.

The ambassadors included Evgeny Tomikhin (Russia), Nagesh Singh (India), Darkey Ephraim Africa (South Africa), and Nassereddin Heidari (Iran). They discussed how the BRICS expansion will affect global economics and politics.

The BRICS chambers of commerce in Thailand discussed Thailand’s economic, financial, trade, and investment opportunities, as well as the possibility of future BRICS membership.

Citing the current global socioeconomic landscape, which necessitates multilateralism rather than unilateralism, they highlighted BRICS diversity and inclusivity within its membership.

This vision, they all agreed, promotes the growth of open trade and markets. This resulted in a key consensus: “BRICS membership should be expanded to increase economic influence and collaborative opportunities”.

They were also positive about Thailand’s potential membership in the economic bloc.

Russian Ambassador Tomikhin described Thailand as “a very strong candidate” for membership, emphasising that the decision ultimately rests with Thailand itself. The Indian envoy Singh echoed this sentiment, stating, “Thailand is a very, very strong candidate. It’s a balanced country. It’s a bridge builder.”

The diplomats stressed that BRICS is not anti-Western, but rather aims to create a more equitable global order.

“This either-or thing, is a faulty construct,” Singh said. “We don’t want to expand just for the sake of expansion, but to have countries who have complementarities of interest, who want to work together.”

South African Ambassador Ephraim emphasised BRICS’ qualitative growth, stating, “BRICS is an idea whose time has come. There is no going back on BRICS. It is only going to qualitatively grow.”

The panel discussed the growing use of national currencies for trade within BRICS, citing the example of Russia’s bilateral trade with China, where 90% of transactions were conducted in rubles and yuan. India also expressed support for developing a new BRICS payment system to facilitate trade and reduce reliance on traditional currencies.

The diplomats emphasised BRICS’ role in reforming global governance structures and promoting economic cooperation, with Iran’s Heidari highlighting BRICS’ commitment to building a more equitable world, and the need to change the global governance architecture to ensure that every nation is treated with respect and benefits from the system.

The private sector focused on the potential benefits of Thailand’s BRICS membership, including enhanced market access, economic cooperation, and strategic advantages.

They emphasised overcoming regulatory challenges and developing local skills to capitalise on the opportunities presented by the growing BRICS economies. The discussions also highlighted the broader shift towards a multipolar global economy.

Vitaly Kiselev, president of the Thai-Russian Chamber of Commerce, asserted that joining BRICS would open lucrative markets for Thai goods, elevating Thailand’s standing both within BRICS and among its ASEAN partners.

Despite the challenges posed by sanctions and regulations, he emphasised the innovative solutions being developed to facilitate trade between Thai and Russian businesses.

Neil van Heerden, chairman of the South Africa-Thai Chamber of Commerce, highlighted the significant market potential for Thai exports within BRICS, citing the bloc’s vast populations and diverse economic sectors.

He pointed to the opportunities in mining, automotive, and clean energy sectors, noting that South Africa’s trade with BRICS has increased by a remarkable 70% since 2017. Heerden suggested that Thailand could similarly benefit from such growth, particularly in foreign direct investment.

Sushil Kumar Dhanuka, president of the India-Thai Chamber of Commerce, emphasised the shared cultural heritage between Thailand and India. He suggested that BRICS membership could further strengthen economic ties and foster mutual growth and development.

He also noted that for Thai companies to fully benefit from BRICS, active collaboration and engagement with local industries and government bodies in BRICS nations are essential to attract investment.

Marcelo Souza, president of the Brazil-Thai Chamber of Commerce, observed that Thailand’s strategic position as a logistics hub in ASEAN could be further enhanced by joining BRICS.

He suggested that this membership would open doors for increased trade not only with Brazil but also with other BRICS nations.

The panellists agreed that as the global landscape evolves towards multipolarity, Thailand’s membership in BRICS could be a strategic move that aligns the nation with emerging economies poised for significant growth.

While discussions on labour and migration within the context of Thailand’s potential BRICS membership focused on the benefits of enhanced cooperation and bilateral agreements, several challenges were identified.

These include legal and regulatory barriers, varying labour standards, language and cultural differences, and the potential for brain drain. Addressing these challenges will require collaborative efforts and comprehensive policies among member nations.

As BRICS continues to expand its influence and shape the global order, nations like Thailand must carefully consider the potential benefits and challenges of membership.

However, the decision ultimately rests with Thailand, as Ambassador Singh concluded: “It’s for you to realise or understand what you want, but you’ve become a part of a group which is not prescriptive, which doesn’t impose anything, and you select and choose what you want to benefit from.”