Thailand eyes mutual benefits, economic opportunity through BRICS membership

China

Thailand eyes mutual benefits, economic opportunity through BRICS membership

2024-10-20 17:20 Last Updated At：23:47

Joining the BRICS group will bring mutual benefits, characterized by trade and economic opportunities, according to Thai Deputy Prime Minister Anutin Charnvirakul.

BRICS now comprises Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, Saudi Arabia and the United Arab Emirates, with the latter five becoming its members in January this year.

Thailand is bidding to become the latest member of the group.

Russia, the host this year, has invited Thailand to attend October's BRICS summit, something Thailand hopes will be a stepping stone to full membership.

"Any economic and political partnership can always bring mutual benefits, when we start from mutual understanding and knowing one another well. With BRICS, we would share interests in economics and trade opportunities, including digital economy, alternative energy, and of course in assisting one another to promote in the sustainability development," said Charnvirakul.

Charnvirakul also stressed Thailand's offering to the group, as it serves as a strategic gateway to the ASEAN market and a key player in the global food security.

"I would like to emphasize that Thailand has much to offer to the BRICS members. We are at a strategic location in the middle of Southeast Asia, making us a gateway to the ASEAN market with over 600 million people. As one of the main food producers, Thailand could be a great partner for food security, as we aim to be the kitchen of the world," said Charnvirakul.

Thailand can also explore its strength in tourism after joining the BRICS bloc, said Charnvirakul.

"We also have a lot to offer from our tourism industry. If you look at each country in BRICS, you might agree with me that they are all unique and quite exotic to visitors, so is Thailand. This is the area that we can be creative in exploring ways to enhance our strength. And in the big picture, I would say that Thailand could be a bridge that connects BRICS with the ASEAN region for unlimited economic opportunities. With China as one of BRICS key members, I am certain that our journey with BRICS beyond the summit will move forward smoothly," he explained.

The 16th BRICS Summit, the first to be held after the BRICS expansion, is scheduled for Tuesday to Thursday in Kazan, Russia.

China's futures market turnover rises 29 pct in May

China's futures market recorded robust growth in May, driven by active trading in industrial metals and supported by the country's steady economic recovery, industry data showed on Tuesday.

According to the China Futures Association, the country's futures market recorded a trading volume of 709 million lots in May, up 4.54 percent year on year while its total trading value reached 70.61 trillion yuan (about 10.43 trillion U.S. dollars), an increase of 29.01 percent from a year earlier.

The non-ferrous metals sector remained one of the most active segments of the market. The trading volume of tin futures surged 188.55 percent year on year in May, while copper and aluminum futures rose 20.59 percent and 28.81 percent, respectively.

Performance in the precious metals sector was mixed. The trading volume of silver futures increased 12.55 percent from a year earlier, while the gold futures trading volume fell 54.63 percent.

Market analysts said China's steady economic growth and improving corporate profitability are expected to continue providing fundamental support for the futures market.

"Industrial non-ferrous metal products are supported by demand from the real economy, making market performance relatively resilient. They are suitable for swing trading and hedging strategies that align with industrial fundamentals. Gold, meanwhile, remains constrained by the high-interest-rate environment in the short term and is likely to stay in a pattern of weak fluctuations," said Xu Di, assistant general manager of Guoyuan Futures Co., Ltd.