BRICS' WIN IN ASIA - Malaysia and Thailand Apply To Join, While Japan Is Ditching U.S. Treasuries

BRICS' WIN IN ASIA - Malaysia and Thailand Apply To Join, While Japan Is Ditching U.S. Treasuries

June 24, 2024

THE CURRENCY WAR - FOLLOW THE MONEY

Lena Petrova

BRICS aims to cut ties with the U.S. dollar and use local currencies for all cross-border transactions among member nations.

Thailand hopes to become a member of the BRICS group of emerging economies at the organisation's next summit in Russia in October, a foreign ministry official said Thursday. The Southeast Asian nation submitted a formal request to join at a BRICS ministerial meeting a week ago, foreign ministry spokesperson Nikorndej Balankura said.

"We hope to receive positive feedback and be accepted as BRICS member as soon as the next summit to be held in Russia," he said. The BRICS group originally consisted of Brazil, Russia, India, China and South Africa. The acronym is derived from those countries' names.

Last year the group began expanding membership, looking to challenge a Western-dominated world order, with Saudi Arabia, Iran, Ethiopia, Egypt, Argentina and the United Arab Emirates joining and more than 40 countries expressing interest.

Thailand is also looking to join the Organisation for Economic Co-operation and Development (OECD), after being invited by the Paris-based group to open accession discussions.

"We are putting together an accession roadmap, conditions and timeframe in line with OECD instruments," said Nikorndej, adding there was no set timeline for joining the group.

"Starting the membership application now will be beneficial. It will help attract foreign investment, generate income and improve people's quality of life."

Original: https://youtu.be/oI4qrr87zN4

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