The BRICS mechanism can help connect member nations and offer a better "risk-free" alternative to developing nations in the Global South compared to the Western-controlled global financial system, according to officials from Thailand and Russia.
The three-day 16th BRICS Summit kicked off in the Russian city of Kazan on Tuesday, with this gathering being the first held since the group's expansion earlier this year.
The emerging-market cooperative group initially comprised Brazil, Russia, India, China and South Africa, but has now evolved into an influential international cooperation mechanism with an expanded membership, after several nations including Egypt, the United Arab Emirates, Iran and Ethiopia all joined in January this year.
In addition, over 30 countries including Thailand, Malaysia, Türkiye and Azerbaijan have either formally applied for or expressed interest in membership.
Speaking in Bangkok ahead of the Kazan summit, Thailand's Deputy Prime Minister Anutin Charnvirakul said he is hopeful of receiving full BRICS membership and hopes it can help enable his country to serve as a "connector" between many nations in the Global South.
"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," said Charnvirakul.
Meanwhile, the topic of currency localization and the search for alternative funding options for emerging markets and developing countries is also set to feature in discussions at the BRICS summit.
Russian finance minister Anton Siluanov said he is anticipating the establishment of a new financial system to smoothen inter-currency payments and improve inter-depositary relations among BRICS countries, aiming to boost trade and economic ties.
In a recent interview with the China Global Television Network (CGTN), Siluanov stressed the need for BRICS to create alternatives to the current global payment and settlement systems, which he said have often been unfairly controlled by the West.
"In order to ensure the independence and stability of our trade relations, there is a question of creating our own settlement system, our own system for transmitting financial messages, so that there will be no risks in our trading and there will be no risks to trade with the BRICS countries. We discussed this issue with our partners and colleagues in the ministries of finance. In general, we agree that we will prepare a report to our leaders. Both the report and our proposals will be presented at the BRICS summit in Kazan," said Siluanov.
BRICS can help connect nations, offer better alternative to Global South: officials
