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Thai cabinet approves BRICS membership bid

The Thai cabinet has approved a draft of the official letter that indicates its intention to become a member of the group of emerging economies, known as BRICS, which stands for Brazil, Russia, India, China and South Africa, affirming that the move will enhance the country’s role in the international area.

The Thai cabinet has approved a draft of the official letter that indicates its intention to become a member of the group of emerging economies, known as BRICS, (Photo: VCG)
The Thai cabinet has approved a draft of the official letter that indicates its intention to become a member of the group of emerging economies, known as BRICS, (Photo: VCG)

Bangkok (VNA) – The Thai cabinet has approved a draft of the official letter that indicates its intention to become a member of the group of emerging economies, known as BRICS, which stands for Brazil, Russia, India, China and South Africa, affirming that the move will enhance the country’s role in the international area.

It is necessary for Thailand to join BRICS amid the declining role of the US dollar and the Euro in the global economy, Thai political scientist Rom Phiramontri said.

According to the expert, the use of the US dollar and the Euro will contract in the future, therefore, joining the BRICS group is a necessary step.

He went on to say that preparations to do this are evidenced by the increase of gold reserves by the Bank of Thailand and lowering of the dollar dependence in trade with China and member states of the Association of Southeast Asian Nations (ASEAN)./.

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#Thailand#BRICS#US dollar#international area#role
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