Amid evolving global dynamics, Thailand is strategically positioning itself, particularly regarding China and emerging geopolitical blocs. Situated at the crossroads of geopolitical strategy, the country is balancing its aspirations to join both the BRICS consortium and the OECD. The recent decision of Thailand to pursue membership in BRICS marks a significant shift in its geopolitical strategy, underscoring its aspirations to enhance its global economic and political influence.

As the Southeast Asian nation formally expresses intent to join the group of emerging economies—comprising Brazil, Russia, India, China, and South Africa—it navigates a delicate balance between strengthening ties with Western-dominated institutions like the OECD and simultaneously expanding its engagement with non-Western alliances, notably the BRICS.

Thailand’s longstanding interest in BRICS has culminated in its invitation to the Sixteenth BRICS Summit being held in Kazan, Russia, from October 22-24, 2024. The nation’s recent bid for membership signifies Prime Minister Srettha Thavisin’s strategic ambitions to bolster the economy and elevate Thailand’s international stature, which had been undermined during the military regime that followed the 2014 coup.

Last December, Thailand’s cabinet endorsed joining the OECD, which complements its BRICS ambitions—a strategy reaffirmed by Pheu Thai Party leader Paetongtarn Shinawatra in discussions with Russian officials earlier this year, albeit receiving limited global attention. On May 28, the Thai cabinet officially approved a letter of intent for the country to join BRICS. Thailand’s dual interest in both BRICS and the OECD aligns closely with its current economic policy agenda, aiming to position itself strategically amidst the contending superpower influences of the United States and China.

The inaugural diplomatic mission of Thai Foreign Minister Maris Sangiampongsa to China and India, both pivotal members of BRICS, underscores Thailand’s proactive efforts to assert itself in global economic frameworks, aligning with its goals of resurgence and prominence on the international stage. The country has also inaugurated Thailand’s inaugural Board of Investment office in Saudi Arabia, marking its debut in the Middle East.

Thailand’s pursuit of BRICS membership promises to augment its diplomatic flexibility and multifaceted foreign policy outlook. In escalating U.S.-China tensions, Bangkok adopts a neutral stance, balancing its annual military exercises with the U.S. and participating in the U.S.-led Indo-Pacific Economic Framework as a strategic ally while simultaneously strengthening economic ties with China through increased trade and investment and addressing issues of mutual concern like crime and infrastructure development, including the strategic trilateral highway linking Thailand, Myanmar, and northeast India. Policymakers view the OECD application as a critical opportunity to overhaul Thailand’s economic and regulatory framework in the short to medium term while maintaining a strategic eye on long-term alignment with BRICS economies.

BRICS membership also holds the potential for substantial economic and trade benefits for Thailand. Deepening economic bonds with BRICS nations could increase exports, attract foreign investments, and foster economic expansion for Bangkok by diversifying revenue streams and providing alternative platforms to Western-led mechanisms. These engagements are pivotal in advancing Thailand’s economic interests and fostering relationships across a diverse spectrum of developed and developing nations. If accepted, Thailand would be the first Southeast Asian member of BRICS, potentially encouraging other regional nations like Malaysia and Indonesia to follow suit, despite concerns about ASEAN unity. Joining BRICS, according to Thailand’s government, would elevate its international prestige and unlock global opportunities, aligning with principles of multilateralism and the increasing influence of developing nations.

Notably, three of the five BRICS members align closely with Prime Minister Srettha’s vision for Thailand as a global hub, while all five feature prominently in Thailand’s foreign policy calculus. According to data from the Bank of Thailand, Thailand’s export markets in 2023 were significantly oriented towards OECD countries, with total exports reaching $117,622.20 million. The United States was the largest market, accounting for $48,864.54 million, followed by the European Union and the United Kingdom combined at $25,911.52 million. Japan and Australia were also major markets, with exports valued at $24,669.70 million and $12,106.00 million respectively. Moreover, South Korea accounted for $6,070.44 million in exports.

In comparison, Thailand’s exports to BRICS countries totalled $50,474.09 million, with China emerging as the largest BRICS market for Thailand, with exports amounting to $34,164.51 million. India followed with $10,118.01 million, while exports to South Africa, Brazil, and Russia were $3,539.81 million, $1,807.37 million, and $844.39 million respectively.

BRICS membership is anticipated to empower Thailand to wield a more assertive role in global geopolitics. This platform empowers developing nations with amplified international voices, thereby bolstering Thailand’s sway in global affairs and enhancing its visibility in the international economic and political arenas.

Observers from both the West and the Global South have expressed scepticism about BRICS due to its complex structure and diverse member motivations. Pursuing both BRICS and OECD memberships reflects Thailand’s nuanced, multilateral foreign policy strategy aimed at balancing global interests to enhance its international economic and political stature. This approach aims to bolster economic growth and global influence, but success will depend on adeptly navigating the inherent challenges and uncertainties. Nonetheless, how Thailand manages this balance will shape its future international positioning and influence.

Saher Liaqat
The writer is a graduate of International Relations from Quaid-i-Azam University Islamabad and is currently a research fellow with Hanns Seidel Foundation.