Thailand and Malaysia are planning to join BRICS, which has been rechristened as BRICS+ with the induction of new members. The expansion of BRICS+ now represents nearly 3.64 billion people who constitute approximately 45.78 percent of the world’s population. Together, members’ economies are worth more than $28.5 trillion. South Africa’s Minister of International Relations and Cooperation recently revealed that at least 34 other countries have indicated their interest in joining the bloc [f7f61666].
The BRICS alliance is actively targeting ASEAN nations as its next members, aiming to add $3.6 trillion in GDP. The Association of Southeast Asian Nations (ASEAN) has seen its GDP increase and is forecasted to continue growing until 2029. Malaysia and Thailand have emerged as front-runners to join BRICS, as the region is keen to join a group seen as a hedge against Western-led institutions. The bloc is implementing measures to strengthen its currencies and diminish the prevalence of the US dollar [4b075623].
Joining BRICS could benefit Malaysia's trade-dependent economy and provide access to new funding sources. Additionally, Malaysia's entry into BRICS would be significant as it will hold the ASEAN chairmanship next year. However, some believe that joining BRICS is a misguided move for Thailand and that it could further erode ASEAN centrality. They argue that ASEAN should focus on deepening its own regional integration in response to the desire to join BRICS [e690ff15].
Malaysia is considering joining BRICS, a group of emerging economies consisting of Brazil, Russia, India, China, and South Africa. The potential benefits of BRICS membership for Malaysia include increased trade and investment opportunities, access to a larger market, and enhanced political influence. However, there are also challenges that Malaysia may face, such as competition with other BRICS members, the need to align its policies with the group's agenda, and the potential impact on its existing alliances and partnerships. Malaysia's decision to join BRICS will depend on a careful assessment of these factors and the potential benefits outweighing the challenges [ae9a0e70].
The crumbling international order has given ASEAN greater impetus to integrate more fully and maintain its importance despite the potential membership of Thailand and Malaysia in BRICS. ASEAN should deepen its own regional integration in response to the desire to join BRICS. While joining BRICS could offer Southeast Asian nations a way to hedge against the crumbling multilateral order, it also poses risks and challenges. The article suggests that ASEAN has the flexibility and resilience to navigate these challenges and maintain its relevance [e690ff15].
It remains to be seen whether Thailand and Malaysia's bids to join BRICS will be successful. As the countries navigate their alliances with the US, conflicting interests, and political tensions, the international community will closely watch how BRICS evolves and whether it continues to expand its membership [287e15ab].
BRICS is considering a significant increase in GDP through its latest enlargement strategy, focusing on Southeast Asian countries as potential new members. The move could have far-reaching consequences for both the global economy and the alliance's geopolitical position. The countries of Southeast Asia register a combined GDP of about $3.67 trillion. Malaysia and Thailand are actively seeking membership, viewing BRICS as a strategic counterbalance to Western-dominated institutions. BRICS recently expanded to include countries such as Iran and the UAE. Efforts to expand the alliance reflect a broader trend to diversify global economic influence and reduce dependence on traditional Western financial systems [86615f6c].
Malaysia's potential membership in BRICS would contribute to the democratization of the organization. The author argues that the inclusion of Malaysia will bring diversity and new perspectives to BRICS, which currently consists of Brazil, Russia, India, China, and South Africa. The author believes that Malaysia can offer valuable insights and experiences in areas such as economic development, trade, and regional cooperation. The article emphasizes the potential benefits of expanding BRICS to include more countries from different regions of the world [b18c93be].