According to a statement by its government, Thailand plans to apply to join the BRICS alliance as soon as this month. The Asian country looks to expand its presence on the world stage along with the rest of the global south.
At a cabinet meeting Tuesday, the Thai government finalized plans to submit their application to the bloc. If approved, Thailand would become the first inductee from Southeast Asia to join BRICS.
Joining the BRICS alliance would benefit Thailand, primarily as a leading voice for developing countries. As the bloc grows, it is also looking to expand its reach amongst growing economies, swaying them away from the US Dollar.
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Thailand is a part of the ASEAN bloc, which contains nine other Southeast Asian countries. These countries’ leaders signed a declaration last year to stop using the U.S. dollar for international trade. The agreement was made to promote their local currencies instead. The move bolstered the power of ASEAN nations’ local currencies. This objective coincided with the mission of BRICS to push de-dollarization and showed the bloc that ASEAN nations are in line with the BRICS initiative.
Once Thailand submits its BRICS application, it is uncertain how long it will take for the bloc to respond. The country may have to wait until the annual BRICS summit that will be held in Russia this fall. If a representative from the Thai government is invited to the summit, though, that will be great news for the country’s future in the alliance.