Thailand also wants to join BRICS

Thailand is aiming to become a member of the BRICS, the alliance of emerging economies, at the group's next summit in Russia in October later this year.

The Southeast Asian nation put forward a formal request to join at a BRICS ministerial meeting a week ago, Reuters reported, citing Thailand's Foreign Ministry spokesperson Nikorndej Balankura.

"We hope to receive positive feedback and be accepted as BRICS member as soon as the next summit to be held in Russia," Nikorndej said, as quoted by Reuters.

BRICS

Brazil, Russia, India, and China created the "BRIC" group in 2006. The name is formed through an acronym derived from the first letter of these countries' names.

In 2010, South Africa joined the group, making it "BRICS".

The organisation began to expand its membership last year.

Since then, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates have joined the group, and over 40 countries, including Thailand, have expressed interest in joining.

Closer to home, Prime Minister Anwar Ibrahim also expressed Malaysia's interest to join BRICS.

He said that Malaysia will start formal proceedings to join the BRICS soon, reported Malaysian media Malaysiakini.

Also looking to join OECD

On top of BRICS, Thailand is also looking to become a member of the Organisation for Economic Co-operation and Development (OECD), a group consisting of developed countries that aims to shape and build better policies for better lives.

The kingdom began their OECD membership process in April this year, according to Bangkok Post.

It typically takes seven to eight years to process a membership application once it has been submitted. The application must also be approved by OECD's 38-member council.

Nikorndej said that starting the membership application now "will be beneficial".

"It will help attract foreign investment, generate income and improve people's quality of life."

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