BRICS receives new membership bid — RT World Information

Bangkok sees Thailand’s future in a multipolar world, the Asian nation’s authorities has mentioned

Thailand will apply to change into a member of the BRICS financial bloc, the federal government of the Southeast Asian nation introduced on Tuesday.

The cupboard in Bangkok has permitted the textual content of the official letter expressing Thailand’s intent to affix the group, authorities spokesman Chai Wacharonke mentioned in an announcement quoted by native media.

In line with Chai, the letter declares that Thailand understands the significance of multipolarity and the rising function of growing international locations in worldwide affairs.

Thailand’s imaginative and prescient for the long run is consistent with BRICS ideas and becoming a member of would profit the nation in some ways, together with enhancing its function within the worldwide area and offering alternatives to participate in shaping a brand new world order, the letter reportedly says.

BRICS has invited non-member international locations aspiring to affix to participate within the group’s summit, scheduled for late October in Kazan, Russia. Attending the summit could be a chance for Thailand to speed up the applying course of, Chai mentioned.

Initially composed of Brazil, Russia, India, China and South Africa, BRICS added Egypt, Ethiopia, Iran and the United Arab Emirates in the beginning of 2024. Since then, 15 extra international locations have signaled curiosity in admission, together with Bahrain, Belarus, Cuba, Kazakhstan, Pakistan, Senegal and Venezuela.

The expanded BRICS makes up about 30% of the worldwide financial system and a inhabitants of round 3.5 billion, or 45% of the world’s complete. It additionally accounts for over 40% of the world’s oil manufacturing.

In line with the Worldwide Financial Fund, BRICS at the moment accounts for as a lot as 36% of world GDP by way of buying energy parity (PPP), in comparison with simply over 30% for the G7. BRICS goals to overhaul the G7 in nominal international GDP over the subsequent 4 years, the pinnacle of the New Growth Financial institution (NDB), Dilma Rousseff, mentioned in February.