BRICS and BRICS PLUS Opportunities and Challenges of Public and Private Sectors in Thailand

Abstract

The significance of BRICS or Emerging Markets and Developing Countries, comprising Brazil, Russia, India, China, and South Africa, is the focal point of this article. Initially, the BRICS exhibited a loose collaboration, which has now evolved into a robust partnership. The primary driving force behind this group is the incorporation of the Belt and Road Initiative (BRI) and New Development Bank (NDB) as key mechanisms. BRICS Plus has opened its doors to new members, including countries from Central Asia, South Asia, the Middle East, North Africa, and more. Negotiations for membership are underway, with the Kingdom of Thailand among those waiting to join. Should Thailand become a member, it presents a valuable opportunity for both the government and private sector. This includes expanding the country's export market, accessing funding from both public and private sectors, gaining access to more resources, and expanding payment options. Thailand faces significant hurdles in comprehending BRICS Plus, its effect on the domestic private sector, cultural disparities, and the instability of local currency usage. As a result, Thailand must maintain a balanced relationship between the BRICS Plus alliance and former superpowers such as the United States and Western nations to optimize the advantages for both the private sector and the public sector of the country.