Commerce Ministry reveals Thailand seizes economic and trade opportunities in BRICS group

The Office of Trade Policy and Strategy (OTPS) revealed the results of Thailand’s participation in the BRICS group, which will promote Thailand’s international trade and investment by supporting the expansion of exports and attracting investment from BRICS member countries, which will help increase Thailand’s role in the international trade arena with a neutral and open economic position.

Director of the Office of the Public Sector Development Commission It is stated that from the latest BRICS meeting in Russia on October 23, 2024, the meeting agreed to allow 13 countries, including Thailand, to have the status of a BRICS partner. Thai exports in this group of countries accounted for 19.2% of total exports in the first 9 months of 2024, with a value of 42,769.8 million dollars and an expansion of 2.0%.

The BRICS market, which consists of large economies and a population of over 3.6 billion people, has the opportunity to expand Thailand’s trade market to countries with high potential such as China, India and the UAE. Important export products from Thailand include processed fruits, computers, cars and rubber products, with China accounting for 61.7% of exports, followed by India at 20.0%.

In terms of investment, “China” remains a major investor in Thailand. In 2023, China submitted the highest number of applications for investment promotion from the BOI, with a total value of 159,387 million baht, which is considered a continuous economic stimulus and job creation in Thailand.

In addition, joining BRICS will enhance Thailand’s role in the international arena, creating cooperation in trade, investment, finance, food security, and energy, which will enhance Thailand’s role in determining the direction of international economic policies in the future.

Data source: Bangkokbiznews