As Thailand weighs the prospect of joining the BRICS economic bloc, both public and private sectors are highlighting the potential advantages of such a move. This optimistic outlook was evident at the first seminar of the International Media Club of Thailand (IMCT) held last Thursday in Bangkok, where two panels discussed the merits and drawbacks of BRICS membership.
The first session featured ambassadors from BRICS member countries, while the second included representatives from the bloc’s Chambers of Commerce. Among the ambassadors were Evgeny Tomikhin (Russia), Nagesh Singh (India), Darkey Ephraim (South Africa), and Nassereddin Heidari (Iran). They explored how the expansion of BRICS could influence global economic and political landscapes.
During the discussions, the BRICS chambers of commerce emphasized Thailand’s economic, financial, trade, and investment opportunities, as well as the potential for future membership in the bloc. The participants pointed out that the current global socioeconomic environment necessitates a shift toward multilateralism rather than unilateralism, underscoring the diversity and inclusivity of BRICS membership.
A significant consensus emerged among the panelists: expanding BRICS membership could enhance economic influence and collaborative prospects. Ambassador Tomikhin described Thailand as “a very strong candidate” for membership, stressing that the ultimate decision lies with Thailand itself. Indian Ambassador Singh echoed this view, calling Thailand a “balanced country” and a “bridge builder.”
The diplomats emphasized that BRICS is not an anti-Western bloc but seeks to create a fairer global order. Singh remarked, “The either-or construct is flawed. We aim to expand not just for the sake of expansion but to include countries with complementary interests that want to collaborate.” South African Ambassador Ephraim highlighted BRICS’ qualitative growth, stating, “BRICS is an idea whose time has come, and it will only continue to grow qualitatively.”
The panelists also addressed the increasing use of national currencies for trade within BRICS, citing Russia’s bilateral trade with China, where 90% of transactions occur in rubles and yuan. India proposed developing a new BRICS payment system to facilitate trade and reduce dependence on conventional currencies.
The diplomats reiterated BRICS’ commitment to reforming global governance structures and fostering economic cooperation, with Iranian Ambassador Heidari emphasizing the need for an equitable world and a reformed global governance architecture that respects all nations.
In the private sector discussion, participants highlighted the benefits of Thailand’s potential BRICS membership, which include improved market access, economic cooperation, and strategic advantages. They stressed the importance of overcoming regulatory challenges and developing local skills to harness the opportunities offered by the growing BRICS economies.
Vitaly Kiselev, president of the Thai-Russian Chamber of Commerce, asserted that joining BRICS could unlock lucrative markets for Thai products, enhancing Thailand’s position within BRICS and among ASEAN partners. Despite facing sanctions and regulatory challenges, he noted the innovative solutions emerging to facilitate trade between Thai and Russian businesses.
Neil van Heerden, chairman of the South Africa-Thai Chamber of Commerce, pointed out the significant market potential for Thai exports within BRICS, given the bloc’s large populations and diverse economic sectors. He mentioned that South Africa’s trade with BRICS has surged by 70% since 2017 and suggested Thailand could experience similar growth, particularly in foreign direct investment.
Sushil Kumar Dhanuka, president of the India-Thai Chamber of Commerce, emphasized the shared cultural heritage between Thailand and India. He proposed that BRICS membership could strengthen economic ties and promote mutual growth and development.
Dhanuka also noted that for Thai businesses to fully leverage BRICS opportunities, active collaboration with local industries and government bodies in BRICS nations is crucial for attracting 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 BRICS membership. He suggested that this affiliation would facilitate increased trade not only with Brazil but also with other BRICS countries.
The panelists concurred that as the global landscape shifts toward multipolarity, Thailand’s membership in BRICS could strategically align the nation with emerging economies poised for significant growth.
However, discussions also identified challenges related to labor and migration, including legal and regulatory barriers, varying labor standards, cultural and language differences, and the potential for brain drain. Addressing these issues will require collaborative efforts and comprehensive policies among member nations.
As BRICS continues to expand its influence and shape the global order, Thailand must carefully weigh the potential benefits and challenges of membership. Ultimately, as Ambassador Singh concluded, “It’s for you to understand what you want. You’ll be joining a group that doesn’t impose anything; you choose what benefits you.”
