Southeast Asia has long been observing BRICS’ expansion from the sidelines, but in recent months, more and more ASEAN countries are considering joining the group in search of new trade opportunities and as a hedge against geopolitical risks.
BRICS, which stands for Brazil, Russia, India, China and South Africa, is a term that was supposedly coined by a Goldman Sachs economist to refer to emerging economies. Initially as BRIC, with the “S” added later when South Africa formally joined the group in 2010.
From these five original members, the intergovernmental organisation has expanded to ten, adding Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates to the group now known as BRICS+. The different member countries hold the presidency on a rotating one-year basis, with the presiding country leading the annual summit.
The popularity of this multipolar force that aims to redefine the international political and economic order, hitherto dominated by organisations created by Western powers that have often looked after their own interests while neglecting the needs of developing economies, has been reflected in the more than 40 countries that have expressed interest in joining the grouping.
For many years, Southeast Asia, a vital region of the Global South, has been largely absent from the BRICS. This is about to change after watching closely as the economic partnership has become the world’s largest gross domestic product (GDP) bloc, contributing 31.5% of global GDP.
Diversification and new trade opportunities
Beyond GDP, BRICS+ represent 45% of the world’s population, 25% of world trade and a great opportunity for developing economies that want to diversify their economic and political alliances in an increasingly multipolar world.
Malaysia and Thailand are the latest Southeast Asian nations to apply to join the enlarged BRICS group, while other nations such as Myanmar, Laos, Cambodia, Vietnam, and Indonesia have also expressed interest in joining this association of emerging economies.
China has been Malaysia and Thailand’s largest trading partner for over a decade, so for these nations to join the BRICS is a natural progression of their good relations with the Asian giant. According to James Chin, Professor of Asian Studies at the University of Tasmania, “Both Thailand and Malaysia are seen as middle powers. It is better for them to join groups like the BRICS to have more of a voice on the international stage. But the biggest benefit will be trade.
On the other hand, Washington’s increasing antagonism with the use of economic sanctions against China, Russia or any other country that challenges its economic and geopolitical hegemony is causing public opinion to turn against the US. According to the latest State of Southeast Asia 2024 survey by the Yusof Ishak Institute (SSEA), a majority of respondents conclude that, if forced to choose, they would prefer ASEAN to align with China rather than the US.
This represents a reversal of the trends of previous years, which saw greater regional support for alignment with the US. At the very least, it is a clear example that the BRICS are not just a purely economic grouping, as some parties claim, but have become a major player in the global geopolitical chess game, with China and Russia increasingly influential to the detriment of the established Western powers.
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