Thailand and Malaysia towards joining BRICS

We publish here an excerpt from an article by Maria Siow published in the South China Morning Post

The prospect of Southeast Asian countries joining BRICS has sparked heated debate among analysts: supporters argue that membership could unlock lucrative trade and geopolitical opportunities, while skeptics warn that it risks dragging the countries into the orbit of China and Russia and further eroding regional unity. Thailand and Malaysia have announced in recent weeks that they will apply to join the platform, following in the footsteps of Laos and Myanmar, which declared their interest last year. Contrary to fears that BRICS membership will erode ASEAN's unity and centrality, several Asian analysts believe the Association has the flexibility and resilience to maintain its relevance to member states. Many ASEAN members also belong to other organizations such as the Organization of Islamic Cooperation, the Indian Ocean Association and the Asia-Pacific Economic Cooperation forum. Other multilateral institutions to which Asean members already belong are the Asian Development Bank, the World Bank, the International Monetary Fund and the Asian Infrastructure Investment Bank. "BRICS membership will provide access to a new source of financing for the many development needs of countries in the Southeast Asian region," said Jayant Menon, senior fellow at the ISEAS-Yusof Ishak Institute in Singapore, referring to the New Development Bank established in 2015 by the BRICS countries. Indonesia and Vietnam also said they are considering the benefits of BRICS membership. Joining the group of emerging economies could provide better access to lucrative markets, increased foreign investment, and opportunities for collaboration on infrastructure projects. BRICS membership can also be seen as a strategic move to diversify economic partnerships and reduce dependence on Western-led financial institutions. The move, if managed effectively, could strengthen Southeast Asia's voice and influence in global affairs. Indonesia also aims to join the OECD within three years, as reiterated by the country's coordinating economy minister in May after the organization's secretary-general visited Jakarta and met with President Joko Widodo. According to OECD projections, Indonesia's gross domestic product will reach $10.5 trillion by 2050, making it one of the largest economies along with China, the United States and India.