Diversify your choices.

With a desire to diversify their options in the global economic arena, an increasing number of Southeast Asian countries want to join the BRICS group of emerging economies.

The Thai Ministry of Foreign Affairs has announced that the country has submitted its formal application to join BRICS. If approved, Thailand would become the first Southeast Asian nation to join the bloc led by Russia and China.

Malaysian Prime Minister Anwar Ibrahim announced that his country has decided to join BRICS and will soon begin the formal procedures. Meanwhile, Indonesian Prime Minister Retno Marsudi is still studying the potential benefits of joining BRICS. Other countries such as Myanmar and Laos have also expressed interest in joining BRICS.

Commenting on this trend, Dr. Joseph Liow, Head of the Faculty of Social Sciences, Arts and Humanities at Nanyang Technological University (Singapore), emphasized that becoming a member of the BRICS "common home" will bring benefits in many aspects, including enhancing their role on the international stage and increasing opportunities to jointly create a new world order. This is part of the calculations of Southeast Asian countries regarding national interests.

Meanwhile, Dr. Alan Chong, a senior research fellow at Singapore's S Rajaratnam School of International Studies, describes BRICS as "an alternative circle of leadership when it comes to global governance." Citing Malaysia's interest in joining BRICS, Dr. Chong suggests it could be a way to enhance the country's foreign policy in a very unique way.

BRICS was founded in 2006, initially comprising Brazil, Russia, India, and China. South Africa joined the bloc in 2010. Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE) became new members on January 1, 2024. In total, the economies of the BRICS members are worth over $28.5 trillion, accounting for approximately 28% of the global economy.

According to Bloomberg, amid increasing US-China competition, joining BRICS is an effort to mitigate economic risks. Following this year's expansion, BRICS plans to invite non-member countries to the bloc's next summit in Kazan, Russia, in October.

THANH HANG

Source: https://www.sggp.org.vn/da-dang-hoa-lua-chon-post745859.html