BRICS Summit Welcomes New Members and Challenges G7

The recent BRICS summit held in Russia was marked by the inclusion of 13 new member countries including Thailand. This development aims to bolster support for developing nations and positions BRICS as a potential challenger to the G7 economic group. During the summit, essential discussions highlighted the shifting political and economic landscape, with China and Russia emphasizing the need to develop self-reliant financial mechanisms. They promoted the New Development Bank (NDB) as a direct competitor to the IMF, which underscores their commitment to providing financial support within the BRICS framework. Furthermore, a new payment system known as BRICS Payment was proposed to reduce dependency on the current SWIFT system. There was also a significant focus on utilizing local currencies for international transactions among member nations. Thailand's participation is expected to bring economic benefits and foster sustainable partnerships within this new economic cluster, despite concerns regarding perceptions of alignment with China and Russia's geopolitical ambitions. The Thai government remains optimistic that joining BRICS will yield long-term economic advantages, enabling the country to connect better within this emerging economic bloc and potentially influencing global economic trends.