On May 28, RT reported that the Thai government will apply to join the BRICS group of emerging economies in the near future. Thailand is also the first Southeast Asian country to publicly announce its plans to join BRICS.
According to Thai government spokesman Chai Wacharonke, the Thai cabinet has approved the necessary documents to prepare for joining BRICS.
The expanded BRICS account 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.
In its letter of intent to join BRICS, Bangkok said it understood the importance of a multipolar world and the growing role of developing countries in international affairs.
The letter also said Thailand's vision for the future is consistent with BRICS principles and joining the group would benefit the country in many ways, including enhancing Bangkok's international standing and creating opportunities to participate in shaping the new world order.
BRICS had previously invited non-member countries wishing to join the group to attend a summit scheduled to take place in late October in Kazan, Russia.
Mr. Chai said that attending the BRICS summit would be an opportunity for Thailand to speed up the application process.
BRICS is a group of emerging economies with five members: Brazil, Russia, India, China and South Africa, accounting for more than 40% of the world's population and about a quarter of the world's GDP. South Africa is the current chair country.
At the August 2023 summit, BRICS adopted a joint statement, including admitting 6 new members including Argentina, Egypt, Iran, Ethiopia, Saudi Arabia and the United Arab Emirates (UAE) from 2024.
The expanded BRICS account for about 30% of the global economy and have a population of about 3.5 billion, or 45% of the world's total population. The group also accounts for more than 40% of the world's oil production.
According to the International Monetary Fund, BRICS currently accounts for 36% of global GDP in purchasing power parity (PPP) terms, compared to just over 30% for the G7. BRICS aims to surpass the G7 in nominal global GDP within the next four years.
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