Bangkok Post reported that government spokesman Chai Wacharonke said that at the cabinet meeting on May 28, the Thai government had completed preparations to submit a dossier to join BRICS. The cabinet has approved a draft document expressing Thailand's intention to join BRICS.
According to Mr. Chai, the clerk stated that Thailand understands the importance of multilateralism and the increasing role of developing countries in international affairs.
The document said that Thailand's vision is in line with BRICS principles and that joining BRICS will benefit the country in many aspects, including enhancing its role in the international arena and creating opportunities to participate in shaping a new world order.
BRICS has invited countries wishing to become members of the bloc to attend the BRICS summit, scheduled to take place at the end of October in Kazan, Russia.
Mr. Chai said that attending the summit will be an opportunity for Thailand to accelerate its membership and enhance its role as a leading country among developing countries.
Initially, BRICS included Brazil, Russia, India, China and South Africa. In early 2024, BRICS admitted 5 new members: Egypt, Ethiopia, Iran and the United Arab Emirates (UAE).
Since then, 15 other countries have expressed interest in joining BRICS, including Bahrain, Belarus, Cuba, Kazakhstan, Pakistan, Senegal and Venezuela.
BRICS currently accounts for about 30% of the global economy with a population of about 3.5 billion people, equivalent to 45% of the world's total population. BRICS also accounts for more than 40% of the world's oil production.
According to the International Monetary Fund (IMF), BRICS currently accounts for 36% of global GDP in terms of purchasing power parity (PPP), compared to just over 30% of the G7.
BRICS aims to surpass the G7 in terms of global nominative GDP in the next 4 years, the head of the New Development Bank (NDB) - Dilma Rousseff - said in February.
Over the past year, BRICS has made efforts to develop the bloc's common currency to reduce its dependence on the US dollar. This month, BRICS members Russia and Iran announced that they would start using the BRICS common currency on the day of launch and eliminate the USD from transactions. Both Russia and Iran are facing US sanctions and are therefore looking to stay away from the US dollar.
"Creating a new currency within the BRICS framework is something that Russia and Iran are working towards," said Iranian Ambassador to Russia Kazem Jalali.
According to the ambassador, more than 60% of trade transactions between Russia and Iran are currently paid in rubles and rials. This shows that Russia and Iran will switch to BRICS currency as soon as it is launched on the market.
However, the expected launch date of the BRICS common currency has not been determined. The 16th BRICS summit in October could decide the fate of the common currency.
