Thailand expresses intent to help shape int’l economic policy
As Thailand seeks BRICS membership in addition to that of the longer-established OECD, Western allies are curious about its motives
Thailand is seeking to make its mark on the global arena by applying for membership of both the Organisation for Economic Cooperation and Development (OECD) and BRICS, the intergovernmental organisation comprising Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates.
OECD member states have agreed to allow Thailand to enter the consultation process for future membership of the body, which was founded in 1961, and have invited the country to participate in various programmes and align its regulations and standards with international norms. While Thailand has set a timeline of five years to become a member, Thailand’s acceptance will depend on the consideration process of the member states.
BRICS was established in 2006 as a coalition of large emerging markets. The founding members were Brazil, Russia, India, and China under the name BRIC. In 2010, South Africa joined, and the name changed to BRICS. A further five countries were admitted at the beginning of 2024, making a total of 10 members.
Thailand became a full-non-member ally recently when BRICS added 13 countries to that list, including fellow ASEAN members Malaysia and Vietnam.
The country has been accelerating its efforts to join BRICS in recent months to enhance its leadership role among developing countries and increase its participation in shaping international economic policy and play a role in BRICS’ stated intent of counterbalancing the power of developed nations.
In this context, the focus is on three key areas: first, reforming the global economic management structure to give developing countries a greater role; second, promoting the use of local currencies for international transactions to reduce reliance on the US dollar; and third, creating alternative international mechanisms for finance, aid, and development funding.
However, in terms of international politics and security, BRICS often holds positions that differ from those of Western countries, especially regarding the Syrian crisis, Iran’s nuclear issue, and the Russia-Ukraine situation.
Thailand has been invited to the BRICS Plus meetings since 2017. The 16th Summit, currently being held in Kazan, Russia, is providing an opportunity for Thailand to emphasise its commitment to enhancing engagement with BRICS.
While Thailand’s desire to become a member of OECD came as no surprise to international observers, its application for membership of BRICS just a few months later raised a few eyebrows. This was reflected in a sidebar to this month’s ASEAN Leaders' Summit in Laos, when during a bilateral discussion between Prime Minister Paetongtarn Shinawatra and US Secretary of State Antony Blinken, the US’s top diplomat enquired about Thailand’s application to join the BRICS group
Thailand explained to the US that its decision to pursue BRICS membership is driven by economic, not geopolitical, reasons. The aim is to expand the economy by entering larger markets with a significant population.
It is a position with which business leaders are in full agreement. “Thailand’s aim to join both groups reflects its efforts to expand global cooperation. At the same time, Thailand must maintain balance and manage relationships with countries that hold differing positions,” said Sanan Angubolkul, chairman of the Thai Chamber of Commerce.
For his part, Chaichan Charoensuk, chairman of the Thai National Shippers' Council (TNSC), stated that a key challenge will be maintaining political balance, but noted that Thailand has traditionally played a neutral role in international politics, focusing on trade rather than political alliances.
