BRICS ATTRACTING ASEAN COUNTRIES
BRICS is attracting Southeast Asian countries, with Thailand and Malaysia being the latest to express their interest in joining the bloc.
Last month, Thailand submitted a membership request, while Malaysian Prime Minister Anwar Ibrahim said in an interview with Chinese news portal Guancha that his country would soon begin formal procedures.
PRESENT MEMBERSHIP
- Last year, BRICS — an acronym that was originally used to refer to Brazil, Russia, India, China, and South Africa — decided to expand its membership, inviting Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates to join the bloc.
- The name for the expanded group has not yet been officially announced, but it could be called “BRICS+.”
- Combined, its members account for about 45% of the world’s population — around 3.5 billion people.
- Their economies are worth around $30 trillion (€28 trillion) — about 28% of the global economy, according to World Bank Data.
WHY MALAYSIA & THAILAND WANT TO JOIN?
- The bloc can help Malaysia’s digital economy grow faster by allowing it to integrate with countries that have strong digital markets and also take advantage of best practices from other members.
- Thailand would also be able to draw investments in important industries including services, manufacturing, and agriculture.
- The trade ties that Malaysia and Thailand already have with China have influenced their decisions to join BRICS.
- China has been Malaysia’s largest trading partner for the past 15 years and thailand’s biggest for 11 years, according to official data.
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