29 Aug 2023 International Economy BRICS pursues a bigger role in the global arena, drawing interest from emerging economies amid intensified geopolitical tensions (Current Issue No.3430 Full Ed.) คะแนนเฉลี่ย คะแนนเฉลี่ย 5 stars 4 stars 3 stars 2 stars 1 star The so-called BRICS countries – Brazil, Russia, India, China and South Africa – held their annual summit on August 22-24, 2023 in South Africa. This was another economic forum held in 2023, following the G7 and South American summits. These informal gatherings aimed to discuss cooperation in various aspects, including geopolitical tensions. The BRICS summit discussed three main issues, namely: The BRICS nations’ stance towards geopolitics clearly indicates that the group’s relations with Western countries will become more complex. The role of BRICS on the world stage is significantly strengthened due to its economic scale and growing number of members.The promotion of local currency transactions to reduce reliance on the US Dollar. This plan has become more concrete since Western nations imposed sanctions on Russia. Moreover, many emerging countries are interested in being members of the New Development Bank (NDB) or BRICS Bank, as well as the Contingent Reserve Arrangement (CRA), which play similar roles to the World Bank and the International Monetary Fund (IMF), respectively. The NDB and CRA’s terms and conditions are more flexible and beneficial to the emerging countries, allowing members to borrow in local currencies. Regarding trade and investment relations, the BRICS members are becoming more economically connected. However, the US and the EU remain their major export markets.The admission of new members indicates that the group will serve as an interesting alternative economic and geopolitical pillar for emerging economies. Saudi Arabia, the United Arab Emirates, Iran, Egypt, Ethiopia, and Argentina will officially become new members on January 1, 2024. KResearch holds the view that the three major summits – namely the G7, South American, and BRICS – signal their stance of exploring alternatives to reduce reliance on Western nations. In particular, the aspect of de-dollarization has been discussed across all forums. This reflects the diversification of economic risks from traditional economies to a varied range of alternatives. Thailand has expressed an initial interest in joining the BRICS group, and is awaiting Thai authorities' consideration of its potential submission for membership. The key focus of becoming a BRICS member is to maintain the balance of economic power among emerging and developed countries. The advantage for Thailand is seen as an opportunity to access major economies across all continents. However, the Thai authorities must adopt a prudent approach in entering into new agreements that could be a point of contention with its trading partners in Western countries, which may lead to additional trade protectionism measures going forward. View full article Login / Register Or Enter the code from the poll Annotation This research paper is published for general public. It is made up of various sources. Trustworthy, but the company can not authenticate. reliability The information may be changed at any time without prior notice. Data users need to be careful about the use of information. The Company will not be liable to any user or person for any damages arising from such use. The information in this report does not constitute an offer. Or advice on business decisions Anyhow. International Economy BRICS Related Analysis View all 14 Mar 2018 International Economy Thailand must brace for trade disputes between the US, EU and China, etc. (Current Issue No. 2905) The US is pressing ahead with trade measures against trade partners globally. In addition to their new ‘safeguard tariffs’ on imported solar panels and large washing machines imposed early in 2018, and more recently on imported steel and aluminum, the US is now preparing to implement protectionist measures against Chinese products valued at around USD60 billion. This direction will likely add significant pressure to global trade, thus, KResearch views that all eyes should be closely kept on negotiations between the US and EU, both being among the largest economies in the world. Details on those negotiations are expected to be released before the relevant ‘safeguard tariffs’ on steel and aluminum become effective at the end of next week. If the EU and China are exempted from these new tariffs, prevailing anxiety will ease. But to the contrary, without such exemptions, China and the EU may opt to implement their own trade protectionist measures against the US, as well. This situation would likely escalate into further actions and reactions, incurring significant damage to trade that could spill over to other regions of the world.... Read more 0 KB 0 KB 2 Mar 2018 International Economy Planned New US Tariffs on Metal Imports Triggering More Intense Trade Protectionism (Current Issue No. 2903) Throughout 2018, the US administration’s continual pursuit of protectionist trade measures has tended to increase volatility in global trade. Most recently, President Donald Trump announced that new “safeguard” tariffs would be imposed on steel and aluminum imports at 25 percent and 10 percent, respectively. Although no details have been released yet, it seems undeniable that trade with the US will become difficult, going forward.... Read more 0 KB 0 KB 6 Mar 2018 International Economy China’s 2018 Economic Targets Reflect Slower Economic Growth, while Monetary and Fiscal Policies are Still Being Used to Sustain Economic Growth Ahead (Business Brief No.3730) All eyes were on the National People’s Congress, March 5, 2018, because the ruling Communist Party proposed constitutional a... Read more 0 KB 0 KB 26 Jan 2018 International Economy Fed Meeting Expected to Maintain Rate Leaving Room for Increasing Rate Later (Business Brief No.3725) KResearch expects the US Federal Reserve (Fed) to maintain their policy rate at 1.25-1.50 percent during their first round of meeting o... Read more 0 KB 0 KB 26 Dec 2017 International Economy The Philippines: Rising Market of ASEAN (Current Issue No. 2887 Full Ed.) Thai exports to ASEAN-5 (Malaysia, Singapore, Indonesia, the Philippines and Brunei) account for 59.3 percent of our total exports to the entire AS... Read more 0 KB 0 KB 19 Dec 2017 International Economy Chinese Economy Continues Momentum to Yearend Growth next year inches toward balance, Focus on Reforms (Business Brief No.3719) China's latest economic indicators show that the Chinese economy has maintained momentum. Although China’s domestic eco... Read more 0 KB 0 KB View all